OTTAWA — “Stupefying,” “shocking” and “unsustainable” — those were just some of the words Ottawa’s fiscal watchdog used Thursday to describe his scathing forecast for federal finances ahead of a long-anticipated fall budget.

Interim Parliamentary Budget Officer Jason Jacques published an updated economic and fiscal outlook on Thursday where he projected the federal deficit would balloon to $68.5 billion this year, up from an estimated $51.7 billion last year.

He also expects the federal debt-to-GDP ratio — previously a major fiscal anchor for Ottawa — will no longer decline in the coming years.

Jacques told a parliamentary committee Thursday afternoon it is the first time in 30 years he has seen a projection where that key metric rises over time.

Based on public statements from federal

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