Friday, July 25, 2008

Federal Deficit $517 M for April, May

Yikes! Read more here.

The federal government ran a deficit of $517 million over April and May, the first two months of the current fiscal year, mainly due to lower corporate income tax and GST revenues.

Over the same time period last year, the government ran a $2.8 billion surplus.

The federal finance department said Friday that during this April and May revenues declined by $1.6 billion, or 4.1 per cent...

Spending on programs rose by $2.1 billion, or seven per cent, on higher transfers and other expenses.

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