Carney unveils spring economic update

Prime Minister Mark Carney's government has released its first spring economic update, projecting a significantly lower federal deficit of $66.9 billion.

The update promises billions in new spending to train 100,000 skilled trades workers and support major infrastructure projects.

Higher-than-expected oil prices provided a windfall for the federal treasury, allowing for increased investment without raising the overall debt burden.

However, analysts noted that the update provides few immediate measures to address the rising cost of living for average Canadians.