Flaherty Says Canada Deficit Will Exceed C$50 Billion
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Canada’s budget deficit for the previous fiscal year will surpass C$50 billion ($48.5 billion), Finance Minister Jim Flaherty said today, in line with government projections for a record gap as the economy fell into recession.
Flaherty had projected in March that the deficit for the year ended March 31 would be C$53.8 billion, after the governing Conservatives implemented a stimulus package to bolster the economy and revenue fell as output contracted.