Federal budget 2022 to include billions for housing

It is Budget Day on Parliament Hill.

The Liberal government is set to unveil their 2022 budget that is expected to promise billions in new spending.

Their plan is presumed to address housing affordability and cost-of-living concerns, while boosting defence spending and reconciling some demands from an N-D-P pact-partner that wants things like subsidized dental care and an extra tax on the profits of big banks and insurance companies.

Finance Minister Chrystia Freeland will deliver the federal budget at 4 p.m. Eastern Time.

The economy has fared better than anticipated over the past few months, which is expected to help offset any new spending to be announced.

Outstanding promises from the Liberals’ campaign platform add up to about $48.5 billion in net new spending, once including new revenues from things like an expected tax on excess bank profits.