▁about ▁ 3 4 %. ▁" G ross ▁deb t " ▁is ▁the ▁national ▁deb t ▁plus ▁int rag overn ment al ▁deb t ▁oblig ations ▁or ▁deb t ▁held ▁by ▁trust ▁funds ▁and ▁without ▁dedu ction ▁of ▁assets , ▁the ▁gross ▁deb t ▁of ▁the ▁federal ▁government ▁amount ed ▁to ▁C AD $ 1 , 1 8 2 ▁billion ▁in ▁March ▁ 2 0 1 9 ▁( or ▁ca . ▁ 5 3 % ▁of ▁G DP ). ▁ ▁The ▁annual ▁government ▁" def ic it " ▁is ▁the ▁difference ▁between ▁government ▁rece i pts ▁and ▁sp ending ▁which ▁der ives ▁from ▁the ▁Canadian ▁federal ▁budget . ▁If ▁the ▁sp ending ▁is ▁higher ▁than ▁rece i pts , ▁the ▁Canadian ▁government ▁deb t ▁will ▁increase , ▁otherwise ▁it ▁will ▁decrease . ▁ ▁Re venue ▁and ▁sp ending ▁▁ ▁The ▁ 2 0 1 9 ▁Canadian ▁federal ▁budget ▁was ▁presented ▁on ▁March ▁ 1 9 , ▁ 2 0 1 9 ▁with ▁a ▁total ▁project ed ▁re venue ▁of ▁$ 3 3 8 . 8 ▁billion ▁and ▁project ed ▁exp end it ures ▁of ▁$ 3 5 5 . 6 ▁billion , ▁resulting ▁in ▁a ▁project ed ▁def ic it ▁of ▁$ 1 9 . 8 ▁billion ▁( ca . ▁ 0 . 9 % ▁of ▁G DP ). ▁ ▁History ▁Canada ' s ▁federal ▁deb t ▁grew ▁stead ily ▁between ▁ 5 % ▁and ▁ 1 0 % ▁per ▁year ▁until ▁ 1 9 7 5 . ▁For ▁the ▁next ▁ 1