ance ▁and ▁public ▁invest ment ▁plans ▁in ▁each ▁province . ▁ ▁Moreover , ▁provinces ▁with ▁high ▁def ic its ▁or ▁deb t ▁will ▁purs ue ▁fis cal ▁cons olid ation ▁more ▁force fully . ▁The ▁authorities ▁note ▁that ▁the ▁medium - term ▁federal ▁fis cal ▁plan ▁appropri ately ▁bal ances ▁the ▁need ▁to ▁cons olid ate ▁against ▁the ▁government ' s ▁growth ▁object ives . ▁ ▁Canada ' s ▁government ▁announced ▁that ▁provinces ▁with ▁high ▁def ic its ▁or ▁with ▁deb t , ▁will ▁restore ▁fis cal ▁discipline ▁and ▁take ▁the ▁lead ▁in ▁implementing ▁more ▁am bit ious ▁fis cal ▁adjust ments . ▁At ▁the ▁federal ▁level , ▁the ▁overall ▁size ▁of ▁the ▁planned ▁adjust ment ▁seems ▁to ▁be ▁appropriate . ▁Non eth eless , ▁if ▁the ▁economy ▁over - per forms , ▁a ▁larger ▁portion ▁of ▁wind fall ▁g ains ▁could ▁be ▁used ▁for ▁def ic it ▁and ▁deb t ▁reduction . ▁A ▁blog ger ▁on ▁the ▁F ras er ▁Institute ▁website ▁advis es ▁prom oting ▁growth ▁and ▁reducing ▁income ▁in equal ities ▁to ▁reduce ▁the ▁budget ▁def ic it . ▁ ▁Ris ks ▁that ▁can ▁impact ▁national ▁deb t ▁▁ ▁First , ▁a ▁d eter ior ation ▁in ▁the ▁primary ▁balance ▁by ▁about ▁one ▁percent ▁of ▁G DP ▁would ▁raise ▁the ▁gross ▁deb t - to - G DP ▁ratio ▁by ▁about ▁ 2 ▁percentage ▁points ▁over ▁the ▁projection ▁period . ▁The ▁so ver eign ▁risk ▁prem ium ▁is ▁assumed ▁to ▁increase ▁by ▁ 2 5 ▁basis ▁points ▁for ▁each ▁one