By Canadian Press

Budget 2022: Flush from booming economy, Feds eye growth with $31B in new spending

Apr 7, 2022 | 1:10 PM

OTTAWA — The federal Liberals have more than $85 billion in new spending room from a booming economic rebound and plan to spend some of the windfall on a series of measures aimed at keeping the good growth going.

The 2022 budget released Thursday includes more than $31 billion in new spending over the next five years.

It’s targeted at speeding the flow of goods through the country’s supply chains, boosting housing supply and jolting businesses out of an anemic period of investment.

The new spending has increased the fiscal year’s deficit to $52.8 billion from earlier estimates of $44.1 billion.

Government officials framed the spending as a hedge against near-term economic uncertainty created by Russia’s unprovoked invasion of Ukraine and the sixth wave of the COVID-19 pandemic.

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But the Liberals also say the spending is aimed at the long-term as well to address structural issues within the national economy.

This report by The Canadian Press was first published April 7, 2022.

The Canadian Press