The federal government unveiled the 2024 budget Tuesday afternoon in the House of Commons.
We caught up with Lanark-Frontenac-Kingston MP Scott Reid shortly after, who said it’s a worrying trend when a government spends more money on debt than services.
Interest rates at a 20-year-high means Ottawa’s borrowing costs to $54.1 billion this year, up from $20.3 billion just four years ago. To counteract some of that expense, the feds announced a capital gains tax as well as higher taxes on vaping products and cigarettes.
Included in the budget is the plan to spend $8.5 billion for housing programs.
Reid isn’t confident that’ll be a kept promise and even if it is, that’s not enough capital.
Our riding is largely made up of small town tourism agriculture and the arts. Reid weighed in on the budgetary impact to the local community.
There’s a projected $40 billion deficit for this fiscal year included in the budget as well.
Story by Grant Deme
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