TORONTO -- The Ford government is continuing with increased healthcare spending and cash grants to businesses and parents as its pathway out of the pandemic will be paved with more than $100 billion in new debt and deficits that are not likely to end before 2029.
The deficit for 2021-2022 is projected at $33.1 billion, down from $38.5 billion last year, with deficits of $27.7 billion and $20.2 billion projected for 2022-23 and 2023-24.
The province will spend $186.1 billion this year, down from $190 billion last year, with net debt expected to hit $440 billion this year, and debt to GDP to exceed 50 per cent by 2023-24.
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