OTTAWA—The federal budget will spell out Mark Carney’s plan to double non-U.S. exports over the next decade, a long-promised “climate competitiveness” strategy, and a new immigration strategy to draw international talent, the prime minister said Wednesday evening.

Billed as a live address to the country, Carney delivered remarks before an audience of students and young Liberal staffers at the University of Ottawa that sought to cast looming federal spending cuts as the need to make responsible choices and generational investments.

The operating budget will be balanced within three years “by reducing wasteful government spending and doing more with less,” Carney said. However the government will continue to borrow over the midterm in order to make major increases to capital spending on de

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