PM Carney to lay groundwork for coming federal budget in speech

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

Carney is set to address a group of university students — young people who could feel the effects of the budget for years to come.

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The Conservatives said their leader, Pierre Poilievre, would meet privately with Carney on Wednesday to discuss the planned fiscal blueprint.

The Prime Minister’s Office said Carney is meeting this month with opposition leaders to talk about their priorities as the parliamentary session progresses.

The office said meetings with the Bloc, NDP and Green leaders have already taken place.

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

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 plan.

On his way into a caucus meeting Wednesday, 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 later this week to head to economic summits in Asia that will take place in the days leading up to the budget.

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.

Two Liberal members expressed hope Wednesday the budget will have the required 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.