"Our province, we know, cannot run deficits indefinitely."
Insurable losses from the wildfires are pegged at $3.6 billion.
The economy contracted by 3.7 per cent.
At least we can watch hockey for escapism! Oh, wait...
THE CANADIAN PRESS/Jason Franson
Finance Minister Joe Ceci calls the decision "disappointing."
The combination of worsening economic conditions and the government's refusal to change course on spending means Alberta will rack up debt more quickly, with a projected budget deficit of $28.9 billion over the next three years. For context, that's roughly 50 per cent more than currently sits in the Heritage Fund, a "nest egg" that took decades to build.
"Interest payments will soon be the largest expense in government."
The deficit is due to a steep drop in oil revenue.
"There's a significant investment."
Edmonton Food Bank/Facebok
They also want the government to establish a debt repayment plan.
"We are nervous about what is coming.''
Greg Elms via Getty Images
"It's a lot. It's a helluva lot of money."
Rates are at the worst levels in four years.