Prime Minister Justin Trudeau said today his government’s promised update on the health of federal finances won’t have a specific anchor to keep spending from spiralling out of control.
He said officials are working on a robust update that will provide some guidelines on spending to help the economy.
Speaking to the Canadian Chamber of Commerce today, the prime minister said it would be premature to lock in a spending anchor while the country is still dealing with the pandemic.
He defended the unprecedented scale of federal aid, saying that anything less would have cost the country far more in terms of lost businesses and jobs.
Trudeau used his morning address to announce that businesses that use personal banking accounts can finally apply for a popular federal loan program.
He added that legislation would be soon tabled in the House of Commons to create more direct rent relief for companies and an extension to the wage subsidy program.