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Federal deficit balloons to $61.9B as government tables economic update on chaotic day in Ottawa

Liberal Leader Justin Trudeau speaks during a Liberal Party fundraising event in Richmond, B.C., Thursday, Dec. 12, 2024.

The federal government’s fall economic statement — tabled just hours after Finance Minister Chrystia Freeland quit cabinet and questioned her government’s recent handling of the economy — calls for more than $20 billion in new spending and says the deficit has grown to $61.9 billion.