OTTAWA—Prime Minister Mark Carney is set to unveil a federal budget that outlines a comprehensive plan aimed at boosting Canada’s economy. The budget will include a strategy to double non-U.S. exports over the next decade, a new immigration initiative to attract international talent, and a long-awaited “climate competitiveness” strategy. Carney is expected to deliver these details in a live address to students and young Liberal staffers at the University of Ottawa on Wednesday evening.

In his speech, Carney will address the necessity of making responsible choices amid looming federal spending cuts. He emphasized the importance of generational investments, stating that the operating budget will be balanced within three years by reducing wasteful government spending. However, he noted that the government will continue to borrow in the midterm to increase capital spending on defense, infrastructure, and housing, which he believes are essential for economic growth.

"To be clear, we won’t transform our economy easily or in a few months — it will take some sacrifices and some time," Carney said. He assured that the government would work diligently to cut waste and drive efficiencies, promising transparency and fairness in making difficult choices.

Carney also highlighted the need for collaboration with opposition parties to advance the Liberal agenda, stating he would not engage in political games. Despite meeting with Conservative Leader Pierre Poilievre and Bloc Québécois Leader Yves-François Blanchet earlier in the day, Carney did not disclose which demands he might consider to ensure the budget's passage.

The prime minister pointed out that Canada’s economy has faced challenges due to its reliance on the U.S. market, which accounted for about 75% of Canadian exports last year. He acknowledged that recent U.S. tariffs on Canadian goods have created vulnerabilities. Carney aims to diversify trade relationships, predicting that this shift could generate an additional $300 billion in trade over the next decade.

In addition to trade diversification, Carney's budget will introduce a talent attraction strategy to draw skilled workers from sectors like technology. This initiative comes in response to changes in U.S. immigration policies that have made it more difficult for Canadian companies to recruit talent. Carney's government has maintained some immigration restrictions but is now looking to restore public support for immigration, which has declined in recent years.

The budget is expected to reflect Carney's campaign promise to spend less while investing more. He has already initiated a significant restructuring of the country’s financial reporting, separating operating funds from capital investment funds. The budget is scheduled for release on November 4, and economists anticipate a deficit that could reach C$100 billion.

As Carney prepares for his address, he faces pressure from opposition leaders. Poilievre has warned that the proposed budget could lead to significant deficits for Canadians. He expressed willingness to support the budget if it aligns with his priorities, including reducing hidden taxes on food.

Blanchet, after meeting with Carney, expressed skepticism about the Liberals' ability to secure support from the Bloc Québécois. He reiterated the Bloc's six non-negotiable demands, which include increased health transfers to provinces and expanded Old Age Security benefits. Despite the challenges, Carney remains focused on his economic vision, emphasizing the need for Canada to take care of itself and not rely solely on one foreign partner.

As the budget announcement approaches, the government is under scrutiny to ensure that its fiscal strategies will lead to improved economic outcomes for Canadians, particularly for the younger generation entering the workforce amid global trade uncertainties.