The Trudeau government will run a record budget deficit approaching $400 billion.
The Liberals ran three years of deficits totalling $51.9 billion, more than double the amount promised during the campaign.
Ottawa expects the federal deficit to reach $381.6 billion in 2020/21.
Eliminating the entire equalization program this year would reduce the federal deficit by only 5.4 per cent.
This year's federal budget deficit will reach an estimated $381.6 billion.
Up to $22.3 billion of income stabilization spending was likely wasted or poorly targeted.
Federal net debt for 2020-21 will likely exceed $1.1 trillion.
Canada ranks 6th highest among 35 high-income for the share of the economy represented by government spending.
The federal debt will reach nearly 70 per cent of GDP by 2050.