Official records from the Canadian Parliament

Canada Raises Debt Ceiling to Record $2.16 Trillion Under Trudeau

May 2, 2024, 06:56 PM

Canadian Finance Minister Chrystia Freeland has raised the national debt ceiling to a record $2.16 trillion, marking the second increase under the Trudeau administration in three years. This new limit is noted as nearly double the previous ceiling and roughly equivalent to Canada's annual economic output. Freeland emphasized that this move is a response to what would happen with austerity measures, suggesting that without government support, Canadians would have to fend for themselves. She reassured that the government is committed to being at the service of its citizens.