PM Carney to lay groundwork for coming federal budget in speech

OTTAWA — Prime Minister Mark Carney is scheduled to give a speech later Wednesday on the tough choices his Liberal government faces in its first budget.

Carney is set to address a group of university students — including many young people who have yet to join the full-time workforce and could feel the effects of the budget for years to come.

Conservative Leader Pierre Poilievre planned to meet privately with Carney on Wednesday to discuss the planned fiscal blueprint.

“Conservatives believe Canadians deserve an affordable budget that will lead to an affordable life, and that means getting government spending under control and eliminating inflationary taxes that drive up the cost of living,” Poilievre said before the meeting.

The government has indicated the budget, to be presented Nov. 4, will include spending restraint measures and new money for major initiatives.

The minority Liberal government is three votes shy of being able to pass measures on its own and will need either the support or abstention of members of other parties to pass the budget.

A vote in the House of Commons on a budget motion is a confidence matter — meaning the Carney government could fall if it loses, which could trigger a general election.

Bloc Québécois Leader Yves-François Blanchet, who spoke with Carney earlier today, has put forward a list of conditions to be met before his party supports the Liberal budget.

After the meeting with Carney, Blanchet said the Bloc’s demands have been clear to the Liberals for many months.

“They know our conditions, and if they wake up a little bit late, it’s once again their problem,” he said.

The Prime Minister’s Office said Carney is sitting down this month with opposition leaders to talk about their priorities as the parliamentary session progresses. Meetings with the NDP and Green leaders have already taken place.

In his speech, Carney is expected to reveal some of the thinking behind the government’s strategy and spell out its commitments to Canadians as it prepares the budget.

On his way into a caucus meeting today, Carney declined to tip his hand on what he would say.

“That message will be conveyed in the address,” he said. “I don’t want to scoop myself.”

The budget comes amid widespread economic uncertainty caused in large part by U.S. tariffs.

Carney is scheduled to travel later this week to economic summits in Asia that will take place in the days leading up to the budget.

The Conservatives have used the prospect of an early election to solicit money from donors this week.

Two Liberal MPs expressed the hope today that the budget will receive enough support from the House.

“I have that confidence because, you know, we were elected on a mandate just five, six months ago,” said Liberal MP Mark Gerretsen.

“Canadians are not of the mood to have an election right now. They want to see a government that works with all parties, which we’ve been demonstrating over the last several months.”

Liberal MP Corey Hogan said Canadians expect members of Parliament to work together.

“We’ve got a trade war with the United States, we’ve got challenges all over. The world has become an increasingly dangerous place,” he said.

“Canadians expect pragmatic government to deliver pragmatic solutions, and an election is not a pragmatic solution at this time.”

This report by The Canadian Press was first published Oct. 22, 2025.