The federal Liberals are scheduled to unveil their latest spending plan today, which aims to balance the promises made to voters during last year's election campaign, the agreement with the New Democratic Party, and recently the promises made to Canada’s international allies.

Finance Minister Chrystia Freeland is scheduled to present the budget in the House of Commons this afternoon.

The economy has performed better than expected over the past few months, with rising oil prices expected to slow the government's net profits and help offset any new spending announced.

The outstanding promises from the Liberal campaign platform amount to about $48.5 billion in new net spending, once new revenues from items like a proposed tax on excess bank profits are taken into account.

Among the promises are measures aimed at addressing housing affordability concerns that have escalated along with prices and rents since the September vote.

But billions more could be stacked on the federal government to cover pharmaceutical care and dental care costs as part of a deal to make the New Democrats support the minority government, and more for the military as part of an agreement with NATO allies for defense spending. 

Speaking on Wednesday, Prime Minister Justin Trudeau said the budget would show that the country’s debt remains within reasonable limits, with debt declining over the coming years as a percentage of the national economy.