Federal government racks up $7.7 billion in debt over first four months of fiscal year
With the economy slowly recovering from a crippling recession, the federal government’s fiscal situation is showing some improvement. Ottawa’s accumulated deficit is down sharply from last year after the first four months of the current fiscal year—$7.7 billion compared with $18.3 billion. The federal government’s tax revenues were up 10.5 per cent (or $1.9 billion) from last July, while spending fell by $3.6 billion over the same period.