The Ford government of Ontario is planning on tabling a budget for the 2021-2022 fiscal year on Wednesday, the province's second budget since the beginning of the coronavirus pandemic, CP24 reports.
According to Finance Minister Peter Bethlenfalvy, the 2021 budget "will focus on protecting people's health, and supporting people and job creators who are continuing to struggle during these tough times."
The budget is expected to pile on additional debt from 2020's budget, which saw a deficit set at $38.5 billion. It is unclear how much deficit is to be expected in the 2021 budget, but the two budgets plus the 2022 budget are expected to collectively surpass $100 billion in new debt.
The massive deficit spending essentially obliterated a key campaign promise by Premier Doug Ford to balance the budget by his second mandate. The Ontario budget was left with a massive deficit when Ford's government took over after 17 years of Liberal Party rule.
The budget is expected to include key priorities for the Ford government, including tax cuts and increased healthcare spending. Electricity subsidies are also expected to be included.
The budget is expected to be released around 4:00 pm on Wednesday.
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