OTTAWA — Prime Minister Mark Carney is billing his first budget as bold, but it won’t come cheap.

The Liberal government’s budget, unveiled Tuesday after months of delay, forecasts a $78.3-billion deficit for fiscal 2025-26, the third highest in Canadian history and the highest ever in a non-pandemic year. The projected deficit is within the range of non-government estimates from recent months.

The budget also revealed new government forecasts that call for modest dips in Canada’s annual deficits over the next four years, but a new $320-billion mountain of debt that will be added to the national balance sheet before the end of the decade.

Finance Minister François-Philippe Champagne said this budget marked a “generational investment” so that Canada could supercharge its economy. The def

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