Deficit to rise $5 billion to $26 billion this year: Flaherty

The Canadian Press
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Minister of Finance Jim Flaherty

The federal government says its deficit will hit $26 billion this year, $5 billion more than predicted, and it expects to take a year longer to balance the budget.

The fall economic update shows that global economic weakness will push the deficit well above the $21.1 billion predicted in the March budget.

Finance Minister Jim Flaherty says he expects the deficit will be significantly higher in each of the next four years and won’t be completely eliminated until 2016-17.

He says said the key problem is a weak global economy which has depressed prices for commodities Canada sells to the world.

In turn, this erodes government tax revenues.

 

Geographic location: Canada

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  • I wish
    November 13, 2012 - 16:47

    I really wish it was a slow economy to blame! Come on sheeple wake up and see that the whole system was made up (by the banks)to rob from the poor and reward the rich using an interest system that no-one can get ahead of.Not even governments of countries can meet the demands and catch up. We are doomed to a shackle of dept forever if we don't demand that the GOLD STANDARD be reinstalled as the backing for money/value of a country.