Liberal Party leadership candidate Mark Carney speaks to supporters at a watch party for the 4 Nations Face-Off game between the United States and Canada on Feb. 15 in Ottawa. Mr. Carney's promise to balance the operating budget implies that if he were PM, he would have to make some cuts, too.Andrej Ivanov/Getty Images

The Wall Street Journal headline put it in black and white: It said Liberal leadership candidate Mark Carney “pledges return to balanced budget in Canada within three years.”

Whoa. That would be a big deal. It would mean wiping out the current $61-billion annual deficit while Canada is expanding defence spending and potentially facing hefty U.S. tariffs.

But that’s not what Mr. Carney meant.

He was talking about splitting the budget in two and balancing one part of it. That’s not the same as eliminating the deficit. But it does tell us a lot about how Mr. Carney would approach the country’s finances if he becomes prime minister.

For the record, The Wall Street Journal didn’t misquote him. Mr. Carney did indeed tell a crowd at a leadership campaign rally in........

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