Finance Minister François-Philippe Champagne presented his first federal budget Tuesday and it includes big-ticket items to prop up an economy grappling with major economic disruptions but also cuts to the public service to get the fiscal house in order.

Champagne’s document shows a deficit of roughly $78 billion for the 2025-26 fiscal year — a figure that is lower than some economists had expected but still much higher than what the last Liberal government said it would be before U.S. President Donald Trump launched his trade war.

All told, this budget calls for some $141 billion in new spending over the next five years, which will partially be offset by some $51.2 billion in cuts and other savings.

The 406-page budget paints a gloomy picture of the country’s economic outlook — unemployment is up, business uncertainty has spiked and productivity is weak.