On February 11, 2014, Justin Trudeau – while discussing the Conservative budget – famously said that the budget will balance itself.
During the 2015 election campaign, Justin Trudeau promised Canadians that he would run “modest” deficits of “only” $10 billion per year, and balance the federal budget by the end of his mandate in 2019/20.
On December 16, 2015, Justin Trudeau said his pledge to balance the federal books in four years is cast in stone.
On March 22, 2016, Justin Trudeau tabled his first budget which projected the federal deficit to be $29.4 billion for the fiscal year 2016-2017.
This budget immediately broke his promise of “modest” deficits to Canadians.
On March 22, 2017, Justin Trudeau tabled his second budget which projected the federal deficit to be $28.5 billion for the fiscal year 2017-2018.
On December 22, 2017, three days before Christmas, Justin Trudeau’s Finance Department quietly released a report that showed the budget wouldn’t be balanced until 2047.
On February 27, 2018, Justin Trudeau tabled his third budget which projected the federal deficit to be $18.1 billion for the fiscal year 2018-2019.
The Liberals doubled down on running deficits – with no plan to balance the budget.
On November 19, 2018, Conservatives put forward a motion calling on Justin Trudeau to finally tell Canadians when the budget will be balanced as part of the Fall Economic Statement.
The Trudeau Liberals voted against this motion, refusing to tell Canadians when the budget will be balanced.
On November 21, 2018, Bill Morneau tabled the government’s Fall Economic Statement.
The Finance Minister confirmed that the Liberals are borrowing $18 billion this year, and almost $20 billion next year, to pay for their out-of-control spending.