Ontario’s Finance Minister will provide an economic update on Thursday.
An Independent Commission previously stated the PC government has inherited a $15-billion deficit, while the debt has now reached $338-billion.
Treasury Board Chair Peter Bethlenfalvy says right now Ontario spends more on interest payments to service the debt than it does on post-secondary education.
Bethlenfalvy notes the $15-billion deficit has been set as the baseline for future spending.
He stresses “if we do not take action to reduce debt and the deficit, our generation and the next, are at serious risk of jeopardizing core services of government”.
