FEDERAL BUDGET DEFICIT SET TO SOAR

Dec 16, 2019

By Jeremy Logan

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The federal Finance Department is now projecting a budget deficit of 26.6 billion dollars this year and 28.1 billion dollars next year.

That’s billions more than previously forecast.

It says the deeper deficit is largely due to changes to how employee pensions and benefits are calculated and to a tax break set to take effect on the first of January.

Still, Finance Minister Bill Morneau is painting a fairly rosy picture of the Canadian economy, with growth of 1.7 per-cent projected for this year and 1.6 per-cent in 2020.

Conservative Finance Critic Pierre Poilievre says Canada attacked the deficit numbers.

He says the Conservatives would make major tax cuts for workers and entrepreneurs, eliminate unnecessary regulatory red tape, and reassure international investors with a realistic plan to phase out the deficit.

Morneau will open a two-day meeting with provincial and territorial finance ministers Monday evening over dinner.

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