Watchdog: MPs should approve changes to fiscal targets

Interim Parliamentary Budget Officer Jason Jacques urged a parliamentary committee that Ottawa should require House approval to alter longstanding fiscal targets, following the Carney government’s recent abandonment of the debt-to-GDP ratio. Jacques criticized the lack of meaningful discussion regarding this significant policy change and highlighted concerns about the government’s projected deficits, which are significantly higher than previously estimated. He also expressed skepticism about the government’s housing initiatives, predicting that the Build Canada Homes program will fall far short of the promised housing construction needed to address the ongoing crisis. Despite these critiques, the government maintains that it is operating within international norms by setting fiscal anchors and having them approved through budget votes in Parliament.

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