Of course.
In fact, in this paper, which was prepared by our colleague Trevor Tombe, a research associate, we built a model based on the budget that was tabled in November 2025. We looked at nominal GDP growth, which was projected at 3.8% annually, and extended it through 2035, taking into account revenues that are often linked to economic growth, particularly taxes, as we know. We also found that the commitment to reach military spending equivalent to 3.5% of GDP would drive spending up very sharply. We see an increase of $100 billion.
When we added it all up, we arrived at a deficit of $117 billion, which is quite alarming, because today we have a deficit of $65 billion or $66 billion, and we see that it will not fall below $50 billion by 2030. When we look at the period from 2030 to 2035, we see a reverse trend where the deficit increases. This is alarming in that, even if we do not add new programs—which, in reality, has been the federal government's natural tendency for several years, and even over the past year—we will reach a deficit of $117 billion.
I believe this reality—that is, a projected deficit of $117 billion—also highlights the importance of reducing spending, particularly in the bureaucracy. We have seen an increase of more than 100,000 public servants since 2015, with the arrival of Justin Trudeau's government and the Liberals. We are seeing a slight downward trend, but it is largely insufficient.