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Justin Trudeau’s debt-financed spending plan earned a stamp of approval from at least one former Bank of Canada governor amid a simmering debate over whether the budget can propel long-term growth.
Stephen Poloz, whose term as the nation’s central bank chief ended last June, said in an interview that he believes the government produced a sustainable fiscal plan that addresses pandemic-related needs, while avoiding major new taxes.
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Trudeau government's deficit spending wins Stephen Poloz's praise as 'sustainable' Back to video
Finance Minister Chrystia Freeland is also taking steps to improve Canada’s long-term economic outlook, and that will help the country pay down its debt in the future, Poloz said. Her debut budget, released last month, has plenty of new spending over the next few years for dozens of initiatives, but the funding is mostly temporary.