Monday, July 27, 2009

Federal deficit $7.5 B in April, May

Ottawa's finances are just as bad as we suspected--a 7.53 billion deficit for the first two months of the fiscal year. Revenues are down by $2.6 billion from a year ago, a 6.9 per cent drop. Program expenses rose by $4.4 billion, or 13.4 per cent. At this rate, the federal deficit will be $45.2 billion. Say it ain't so.

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