TORONTO—The 2015 federal election campaign was, in fiscal terms, about hope versus austerity—what was more important, to spend more to foster growth and jobs, even if it meant running deficits, or balancing the budget as fast as possible, even if it meant slower growth and higher unemployment? The spenders won in 2015. But next year’s election is shaping up to be another electoral battle over balanced budgets now or deficits for a few more years. The difference this time is that budget deficits are a rising voter concern.
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