Alberta projects $9.4 billion deficit with no balanced budget plan

The Alberta government, once debt-free, is now projecting a $9.4 billion deficit for the upcoming fiscal year, with expectations of continued deficits over the next three years. Finance Minister Nate Horner indicated that increased borrowing is necessary to fund essential services amid population growth without an economic boom. The proposed budget of $83.9 billion represents a 5% increase in spending, breaking the government’s fiscal restraint laws. Horner acknowledged the need for discussions about tax changes as the province faces a growing debt projected to reach $109 billion by 2027.

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