Carney says his ministers are looking for ways to cut spending at cabinet retreat

Prime Minister Mark Carney and his cabinet will meet behind closed doors for a second day in a row today, as the Liberal government prepares for Parliament's return in a little under two weeks.

Cabinet is discussing efforts to spur industrial investment, refocus Ottawa's spending priorities for the coming fall budget and counter U.S. President Donald Trump's tariffs.

The federal government is expected in October to table Carney's first budget since taking office.

Carney billed the budget on Wednesday as both an austerity plan and one that will ramp up investments to bolster the economy.

Conservative Leader Pierre Poilievre, meanwhile, is claiming that Carney will balloon the deficit and end up being more expensive for Canadians than his predecessor Justin Trudeau.

Pollster Jean-Marc Léger, who gave a presentation to cabinet on Wednesday, says U.S. tariffs have slid down the list of public concerns to fourth, with the cost of living at the top.