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Trudeau’s Deficit Set to Smash Through Hundred-Billion Barrier

  • Scotiabank sees budget gap climbing to C$110 billion this year
  • Previous record was C$56 billion under Harper in 2009
Justin Trudeau speaks outside his residence in Ottawa on March 18, 2020.

Justin Trudeau speaks outside his residence in Ottawa on March 18, 2020.

Photographer: David Kawai/Bloomberg
Updated on

Prime Minister Justin Trudeau’s spending this week is just the start of a multiphase effort to stave off a recession that is expected to drive Canada’s budget deficit past C$100 billion ($69.5 billion) this year.

Trudeau’s finance minister, Bill Morneau, acknowledged Thursday the government anticipates it will need to take more steps to help businesses and individuals cope with fallout from the coronavirus pandemic, building on the C$27 billion stimulus package announced Wednesday. This could include aid to struggling businesses in the airline and oil industries and other sectors, he said.