Liberal leadership frontrunner Mark Carney has unveiled his new slogan, “Spend Less. Invest More.” By which Carney actually means, spend more — spend much more than Trudeau is spending now and probably even more than what Trudeau was intending to spend in the future.

According to Carney’s announcement on Wednesday, he would “separate the federal government’s operating and capital budgets” and “balance the operating budget in three years.” He is also promising “unprecedented” capital spending. While Carney gives some examples as to what might fall under the “operating budget” versus the “capital budget,” his backgrounder does not clearly define them. So what does this all mean?