Very true, but it was my understanding from past budget speeches that Canada restructured the debt to longer terms at record low interest rates.There is another important point that is not getting much coverage. The higher interest rates are going to have a massive impact on Canada's debt payments. The near zero interest rates have allowed the Liberals even more latitude to spend like drunken sailors. Canada's annual deficit is going to balloon as rates go up.
I read that even after the pandemic spending applied to the debt, the servicing costs were lower than the pre-pandemic cost.
How long the new terms are in effect would be a relevant question.