Not the time for austerity, according to Trudeau

Pas le temps pour l’austérité, selon Trudeau

OTTAWA-The prime minister Justin Trudeau maintains that Canada’s debt is “manageable”, in a few hours for an economic update is very much expected that projects a deficit track record of more than$ 300 billion.

“With historically low interest rates, the cost of the federal debt remains low, allowing our government to continue to invest in Canadians and in the economy,” said Mr. Trudeau in a press briefing on Wednesday.

Without the help from the federal government, many canadian households would considérément indebted, said the prime minister.

“Our government has spent to minimize the level of debt of Canadians,” he argued.

More generally, the prime minister has defended the approach of his government, which was to “act quickly to help Canadians”, at the cost of deficits is unprecedented.

“This was not the time to tighten the belt or to put in place austerity policies”, he said.

The minister of Finance, Bill Morneau, shall present later on Wednesday, a portrait of the economy, which was severely hit by the pandemic of COVID-19.

It is expected that the federal deficit amounted to more than$300 billion.

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