Federal Finance Minister Jim Flaherty says Ottawa is willing to engage in another round of stimulus spending if the world economy faces a double-dip recession. During a special meeting of the Commons finance committee, Flaherty said the government would do what is needed if American and European economies deteriorate further. However, Flaherty also said that despite the current financial climate, Canada will not immediately change its budget plan, which calls for spending cuts of $4 billion annually to federal deficit.
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