In October 2008, Stephen Harper promised his government would “never” go into deficit. In November 2008, the Harper government projected budget surpluses through 2013-2014. In January 2009, the Harper government projected deficits through 2012-2013 and a surplus in 2013-2014. In October 2010, the Harper government projected deficits through 2014-2015 and a surplus in 2015-2016.
Two weeks ago, the Harper government projected a $300-million deficit in 2014-2015 and a surplus of $4.2-billion in 2015-2016.
Today, the Harper government projects a $3.7-billion surplus in 2014-2015 and an $8.2-billion surplus in 2015-2016.
Update 2:51pm… A kind of explanation is here.
Update 4:22pm… Jim Flaherty’s previous explanation is here.