Prime Minister Mark Carney’s first budget is as advertised — huge deficits to fund big investments in capital spending on new infrastructure — financed in part by cutting the government’s day-to-day operating expenses.

The question is can he pull it off?

Based on how he’s bungled Canada’s negotiations in the ongoing trade war with U.S. President Donald Trump , with his so-called “Elbows Up” approach in shambles, the premiers bickering with him and among themselves and negotiations at a standstill, there’s cause for concern.

Under Carney’s budget, the deficit more than doubles this year compared to 2024 to $78.3 billion, up from $36.3 billion last year.

This year, taxpayers will shell out $55.6 billion paying interest on the total federal debt of $1.35 trillion, more than Ottawa wil

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