The Globe and Mail reports in its Tuesday edition that estimates indicate a significantly higher deficit when Prime Minister Mark Carney presents his first budget next month, with the National Bank projecting about $100-billion this year, or 3 per cent of GDP. The Globe's guest columnists Theo Argitis and Serge Dupont write that Mr. Carney also seems committed to keeping deficits above 1 per cent of GDP to support increased investment. This signifies a shift in structural deficit financing, breaking from recent fiscal policy views and prompting a significant debate covering technical aspects. Not everyone accepts that the state needs to intervene so decisively. Some argue that the answer is not more state action, but less. The guest columnists note, however, that there is some stakeholder tolerance for deficit financing. The key question, however, is whether Canada can handle more debt. Do we have the fiscal capacity, or are we risking too much? Recent warnings from the Parliamentary Budget Officer about being "on the precipice" have sparked varied reactions. One recurring theme with stakeholders, particularly among those with government experience, was how to introduce guardrails that are practical and binding.