Canada's Finance Minister François-Philippe Champagne has directed cabinet ministers to identify tens of billions of dollars in spending cuts ahead of the government's 2025 budget, which is scheduled for release in October. Ministers have been tasked with finding ambitious savings, including a 7.5% reduction in program spending starting in the fiscal year beginning April 1, 2026, escalating to 10% in the following year and 15% in the 2028-29 fiscal year. These measures aim to fund increased defense spending and capital projects under the Carney government. Separately, documents indicate that imposing a capital gains tax on primary residences could generate approximately CAD 13 billion annually, which would cover only about 13% of Canada's estimated CAD 100 billion annual deficit. In Europe, German Finance Minister Lars Klingbeil has warned of a projected €30 billion budget shortfall in 2027 despite recent borrowing reforms and increased spending on defense and infrastructure, urging cabinet ministers to implement spending cuts to address the gap.