Canada’s finance minister asked cabinet to identify how to cut 7.5% from program spending for next fiscal year, Bloomberg News reports

July 7 (Reuters) - Canada's Finance Minister Francois-Philippe Champagne has asked members of cabinet to find tens of billions of dollars in spending cuts as the government looks for ways to pay for a larger defense budget and capital projects, Bloomberg reported on Monday.

He has asked ministers to identify how to cut 7.5% from program spending for the 2026-27 fiscal year, which begins next April, the report added, citing two people familiar with the matter.

The Globe and Mail was the first to report the news.