One thing we know for sure about Prime Minister Mark Carney’s first budget , to be released Tuesday, is that it will contain bigger deficits than those of his Liberal predecessor, Justin Trudeau.

Carney has already promised to outdo Trudeau on that front, arguing that this new spending is needed to boost the Canadian economy, which was stagnant even before the added negative impact of U.S. President Donald Trump’s tariffs.

The question is whether it will work.

Carney’s election campaign platform, released on April 19, called for $130 billion in new spending over the next four years, dramatically increasing the deficits in Trudeau’s fall economic statement last December.

Carney said he would run a deficit of $62.3 billion in this fiscal year (2025-26), which started on April 1 and e

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