The parliamentary budget officer says the federal government likely failed to keep its deficit below its promised $40 billion cap in the last fiscal year.

However, the PBO also projects in its latest economic and fiscal outlook today that weak economic growth this year will begin to rebound in 2025.

The budget watchdog estimates in its report that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.

Parliamentary Budget Officer projecting federal Liberals will fall short of its $40B deficit promise but expects economic growth in 2025{ai:summary}<p>The parliamentary budget officer indicates that the federal government likely exceeded its $40 billion deficit cap, estimating a $46.8 billion deficit for the 2023-24 fiscal year. </p><p>Despite this, the PBO forecasts a rebound in economic growth starting in 2025. #economy</p>

PBO projects deficit exceeded Liberals’ $40B pledge, economy to rebound in 2025

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