PM Carney expected to reveal thinking behind coming federal budget in speech today

By Canadian Press on October 22, 2025.

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

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

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

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.

The fiscal blueprint comes amid widespread economic uncertainty caused by U.S. tariffs.

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

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

The Canadian Press