Federal deficit for past year 1.3 billion higher than estimated - Macleans.ca

Federal deficit for past year 1.3 billion higher than estimated


OTTAWA – Ottawa says the federal deficit for fiscal 2011-12 has come in $1.3 billion higher than estimated.

The government’s final accounting on its finances shows the shortfall for the fiscal year ended March 30 was $26.2 billion, up from the $24.9-billion deficit it estimated.

That is still an improvement over the previous year’s $33.4-billion deficit and Ottawa continues to expect that this year’s shortfall will drop to $21.1 billion.

Four months into the current fiscal year, Ottawa’s deficit stands at $3 billion, well on pace to meet that target.

Finance Minister Jim Flaherty cast the report in a positive light, saying it reflects the country’s sound economic and fiscal fundamentals.

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Federal deficit for past year 1.3 billion higher than estimated

  1. that is awful,
    it should not be “rich” people handling the budget anyhow. They are not in touch with reality as much as the ordinary jo-blo

  2. Flaherty was lousy at math when he was the Ontario Finance Minister; why he is in charge of the country’s finances continues to baffle me.

  3. I’ll believe it when Kevin Page verifies it.

    Of course, to do that, he needs access to the numbers that Flaherty’s been denying him.

  4. Heck of a time when “only” overspending a billion loons is considered a good thing.

  5. Isn’t fiscal “tax policy”? Subsidiizing finance and petro with lowest in the OECD corporate tax rates seems stupid. Why not instead subsidize the other 20% of corporate tax profiteers and newer prodcut companies? A method of controlling the local surface site of micro-injection molded recyclable thermoplastics pressure….labs-on-a-chip/biosensors, electrodes, wind turbine parts, future solar cell geometries….all are better long-term investments than Canada’s petro to gasoline/diesel/heating-oil. A deficit should come with a long-term payback, like Ignatieff’s $10000 daycare spots. Maybe wasteful as a tar economy, but at least upside. I’ve found one 2012 abstract so far that using a few micro injection channels. It is Chinese. Rich Canadians do not deserve the Harper tax cuts. I’d stay in place if I had a simple locker. That is like $2 as a public subsidy. Some of said charitible services; the employers/volunteers aren’t pros. Will pay for a deadend tar cut. Won’t pay a carbon tax. This is how Southern Europe got in trouble (deficits), but commies instead of Bible thumper neocons. Chretein GAI, say $730/yr, would’ve given me 2 changes of clothes and steel toes not on my back. AB morons…