Prime Minister Mark Carney’s first budget bill is now law, marking a milestone for the minority Liberal government.

The budget implementation act, Bill C-15, received royal assent Thursday evening after the Senate gave its final sign-off on the legislation.

The bill passed the House of Commons on recorded division in February, which means members of Parliament gave it the green-light but did not offer unanimous support.

The budget implementation act puts into effect measures outlined in the Liberals’ 2025 budget tabled last fall, that saw the deficit rise to $78.3 billion for this fiscal year.

In that budget, Carney adopted a new fiscal framework that would see Ottawa eventually borrow only for new capital investments while cutting day-to-day program expenses and downsizing the public service.

The prime minister is touting his economic and security agenda in Halifax today at the local chamber of commerce, a day after NATO announced Canada had met the bloc’s defence spending target of two per cent of GDP in 2025.