Noticeably absent from the fiscal update is significant tax relief and a plan to balance the budget, according to the Canadian Taxpayers Federation. The national debt will grow to $1.2 trillion by the end of 2023. Meanwhile debt servicing costs will account for about 10 cents on every dollar of deficit spending — costing $52.4 billion a year. Next year, it will rise to $53.3 billion and approach $60 billion by 2027 — double Canada’s annual military budget.

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