Government releases economic statement today as Freeland faces heavy pressure over deficit [Video]

UPDATE: Finance Minister Chrystia Freeland announced Monday morning that she is resigning from Prime Minister Justin Trudeau’s cabinet. Read the latest about Freeland’s resignation here.

The federal government unveils its long-awaited fall economic statement today — putting to rest weeks of speculation about a higher-than-projected deficit and the potential failure of other fiscal “anchors” Ottawa claimed would keep its budget on track.

Just last spring, in her Budget 2024 speech, Finance Minister and Deputy Prime Minister Chrystia Freeland laid out three “fiscal guideposts” she said would demonstrate the government’s continuing commitment to fiscal responsibility. The first was a promise to keep the 2023-24 deficit at or below $40.1 billion.

Last week, Freeland would no longer commit to meeting that target.

“I chose my words with care, because it is important to be clear with Canadians. It is important to be clear with capital markets,” she said at the time.

The Globe and Mail reported recently that the …