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Canada's federal debt has reached an astonishing $1 trillion after Canada's unprecedented pandemic spending, the Parliamentary Budget Office (PBO) confirmed on Thursday.
Since the pandemic began, the Trudeau government has sunk billions into efforts to place Canada's economy in a hibernation throughout the lockdown, according to Blacklock's Reporter.
In a recent budget report, the PBO said that "under our current scenario the government’s total liabilities reached $1,514 billion."
The net debt, according to this report, stands close to $962.1 billion, however, this does not include pension liabilities.
The sheer scope of Canada's debt can be seen through this year’s deficit, which stands at an eye-watering $256 billion. This deficit is five times greater than the previous record—standing at $55.6 billion in 2010 under the Harper government.
Trudeau's Finance Minister Bill Morneau has previously rejected offers by the Shadow Finance Minister Pierre Poilierve to provide a full audit of Canada's economy.
Recently, however, Morneau confirmed that he would provide a "fiscal snapshot" to the House of Commons on July 8. It is unclear what information will be provided in this update.
"This will not be an economic and fiscal update," said the prime minister to reporters on Wednesday. "It will be more of a snapshot or portrait of where we are right now," he added.