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Dominic LeBlanc, a longtime ally of Trudeau, has been sworn in as the new finance minister. LeBlanc, who has known Trudeau since childhood, has been a trusted figure in the cabinet and was recently involved in drafting a major border security plan to address U.S. concerns about drugs and migrants.
LeBlanc shared with media after his swearing in that number one priority for the government has to remain the cost of living challenges that Canadian families are facing.
LeBlanc is Chair of the US-Canada committee, intergovernmental affairs minister, he’s in charge of the boarder, all of public safety, and now in charge of the finance department. The question arose as to how he’ll give all of these crutial files his full attention.
He says that means he’ll start work early in the morning, work late at night, and not take many weekends off.
Christia Freeland’s resignation follows tensions with Trudeau, who reportedly asked her to take a different cabinet role. In her resignation letter, Freeland criticized Trudeau’s economic policies, calling them “costly political gimmicks,” and urged him to work with Canada’s premiers to address issues like U.S. tariffs.
The resignation has left the Liberal Party in turmoil, with some MPs calling for Trudeau to step down. Liberal support has plummeted in recent polls, and the government now faces increased pressure to restore stability.
The fall economic statement, released quietly after Freeland’s departure, revealed a $61.9 billion deficit for 2023-24, much higher than earlier estimates.
The 270-page economic update highlights Ottawa’s plans for “generational investments” in child care, dental care, and critical minerals, alongside efforts to secure Canada’s artificial intelligence edge. It also boasts Canada’s success in achieving 2% inflation and becoming the first G7 country to see interest rate cuts. However, the deficit is $21.8 billion higher than last year’s fiscal target.
Written by Emily Chatwood
