Dominic LeBlanc sworn-in as Trudeau’s new finance minister, Fall Economic Update reveals $61.9 billion deficit

LeBlanc was sworn in as finance minister by the Governor General at her official residence of Rideau Hall Monday afternoon. He will also remain as the minister of intergovernmental affairs.

Prime Minister Justin Trudeau, who also attended his minister's swearing-in, canceled the reading of the Fall Economic Statement in the House of Commons. MPs were provided a copy of the statement that revealed the federal deficit for 2024 will be $61.9 billion and not the $40 billion promised by former Finance Minister Chrystia Freeland.

LeBlanc was already the minister of democratic institutions and the minister of intergovernmental affairs in addition to his primary portfolio. He accompanied Trudeau on his trip to Mar-a-Lago to meet with Trump and he is considered to be the prime minister’s closest ally in cabinet. His ascension to finance suggests Trudeau has no plans to resign as prime minister and probably won't be prorougeing Parliament.

Freeland resigned Monday. She was highly critical of Trudeau’s economic record in a resignation letter that she posted on X. Conservative Party of Canada Leader Pierre Poilievre is urging all opposition parties to vote against the Liberal government in a non-confidence motion aimed at the economic statement. NDP Leader Jagmeet Singh has called for Trudeau to resign.