OTTAWA—Parliament’s spending watchdog says the federal Liberals’ budget overestimates how much of an impact its stimulus measures will have on Canada’s economy. The budget last month outlined what the government said was $101.4 billion in new spending over three years aimed at helping the country climb out of the economic hole caused by the COVID-19 pandemic. But the budget officer’s report on Wednesday estimated that only $69 billion of that spending could be considered stimulus. Yves Giroux said that spending would boost economic growth by one percent next year and create 74,000 jobs, compared with the budget’s estimates, respectively, of two percent and 334,000 jobs. He went on to say that the higher deficits and debt in the coming years could limit the ability of a government to introduce any new, permanent programs without spending cuts or tax increases. Giroux’s report landed hours before Finance Minister Chrystia Freeland was scheduled …