OTTAWA — The NDP is proposing to run a deficit of $32.7 billion next year if they win the federal election, with no plan to return to balance.

New Democrats released their platform costing Friday, and it shows $35 billion in planned new spending next year and $30.5 billion in expected new revenues.

The balance sheet shows many new investments would be front-loaded in the first year of an NDP government, as the projected deficit falls to $18 billion in year two, then sits at around $16.5 billion for the remaining two years.

NDP Leader Jagmeet Singh defended keeping the books in the red.

“A lot of times when people hear balanced budgets, they hear austerity and they hear cutting their services — and I don’t believe in that,” Singh said.

“I do believe in being prudent and I believe people want us to live within our means. That’s why we are talking about increased revenues to be able to pay for our investments.”