The Trudeau government borrowed more than $500 billion dollars in just 120 days, the Department of Finance said on Wednesday.
The report shows that between April 1 to July 31, the Trudeau government borrowed $511,400,000,000—more than the total GDP of the small African nation of Sao Tome and Principe.
Despite the federal debt surpassing $1.3 trillion dollars, Finance Minister Bill Morneau said that the federal government would not raise taxes.
“We think that raising taxes would be exactly the wrong response to dealing with this sort of challenge,” said Morneau on July 8. “We want to actually increase demand, demand from people. We want to ensure we put money into the economy.”
When asked about a potential outline for when the government would balance the budget, Morneau said: “When do you think your government will finally balance the books? What year will that be? I’m not programmed in that way,” said Morneau.
The balance has not been balanced since the Harper-era, in 2007.
“Canadians know that we are in a situation where the ability to forecast is extremely difficult,” Morneau continued. “We will of course be intending to talk more about what the path forward is in the fall when we have more information.”