This year’s federal budget contains a deficit nearly twice the size forecast by the Liberals a year ago, as Prime Minister Mark Carney’s government prioritizes capital project spending over programs and services.

The budget tabled Tuesday projects a $78.3-billion total deficit — the amount of money spent by the government beyond its revenues — for this fiscal year. The figure would steadily decrease to $56.6-billion by 2029-30.

Read more: • Liberals set to deliver highly anticipated federal budget today • Sask. Premier Scott Moe expects ‘significant’ deficit in federal budget • Vassy Kapelos tells Evan Bray it’s ‘anybody’s guess’ if Carney’s first budget will pass

Ottawa’s fall economic statement tabled late last year had projected a deficit of $42.2 billion for this fiscal year.

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