Bill C-67 proposed billions in new spending to cover federal expenses to the end of fiscal year 2023/24. It quickly passed the Commons in eight minutes late last week, and the Senate only had an hour to review the bill before putting it to a vote.

Spending included $3.2 billion to cover federal debt interest charges, $2.2 billion for national defence, and $1.2 billion to cover pay increases for federal employees. Senate managers sought approval to spend another $8.9 billion without disclosing the legal text of the bill.

Freeland earlier pledged to commit to fiscal guardrails to cap deficit spending at $40 billion for the current fiscal year. According to the department’s monthly fiscal monitor, the deficit grew significantly from $6.4 billion during the same period last year. That’s a 625% increase in the size of Canada’s projected deficit.