The Canadian Taxpayers Federation is calling on Premier Tim Houston to rein in government spending following a recent credit rating downgrade from S&P Global.

“Nova Scotia taxpayers can’t afford to keep footing the bill for a government that spends more than it takes in,” said Devin Drover, CTF Atlantic Director. “Credit rating agencies are sounding the alarm and the Houston government needs to listen before the problem gets even worse.”

S&P Global downgraded Nova Scotia’s credit rating from AA- to A+, citing the province’s failure to meet previous budget targets due to higher-than-expected government spending.

“The path back to fiscal balance has lengthened and increased borrowing will keep debt on an upward trajectory,” warned S&P Global in its report.

The agency further cautioned that rising debt and continued borrowing could place additional pressure on the province’s credit rating, pointing to persistent overspending as a growing concern.

“The province is living on borrowed money,” said Drover. “Houston needs to end the spending spree and stop reckless borrowing before Nova Scotians are buried in debt.”

Further credit rating downgrades would push debt interest charges even higher. Nova Scotians already pay approximately $1.2 billion annually in interest charges, or about $1,150 per person. Those debt interest payments leave less money available for essential services and tax relief.

“Every dollar wasted on debt interest is a dollar that can’t be used to help Nova Scotians,” said Drover. “The longer the Houston government waits to act, the harder it will be to fix this mess.”

The CTF has previously called on the Houston government to immediately freeze new spending and launch a comprehensive review to identify and eliminate waste. Other provinces, including Newfoundland and Labrador, have identified billions in potential savings through similar exercises.

“The simplest way for the premier to show he’s serious about fiscal responsibility is to freeze new spending and cut waste,” said Drover. “Nova Scotians deserve a government that lives within its means, not one that piles more debt onto future generations.”