Report shows $19-billion federal deficit last year
OTTAWA — The Liberal government’s annual financial report card to be released today will show Ottawa ran a shortfall of $19 billion in fiscal year 2017-18, which ended March 31.
The deficit is slightly smaller than Finance Minister Bill Morneau’s prediction of $19.4 billion in last winter’s budget.
But in May, the Finance Department’s fiscal monitor estimated the federal books would post a deficit of just $16.2 billion for last year.
Beyond 2017-18, Morneau’s February budget also forecasted an $18.1-billion shortfall for this fiscal year — a number that’s expected to gradually shrink to $12.3 billion in 2022-23, including annual $3-billion cushions to offset risks.
The change in the deficit means the federal debt-to-GDP ratio rises to 31.3 per cent from 30.4 per cent, despite Morneau’s repeated focused on reducing the measure, also known as the debt burden.
#canadiannews #worldnews #headlinenews and stories from around the world
USA Today News Headlines
[su_feed url=”http://rssfeeds.usatoday.com/usatoday-NewsTopStories” limit=”20″]
USA News Headlines
[su_feed url=”http://rss.cnn.com/rss/cnn_us.rss” limit=”20″]
ABC NEWS Headlines
[su_feed url=”http://feeds.abcnews.com/abcnews/usheadlines” limit=”20″]
Woman seriously injured after allegedly pushed from behind onto CTrain tracks
Police are investigating after a woman in her 60s was allegedly pushed onto the CTrainRead More
Two teens charged with robbery, assault after incident at Lower Sackville NSLC
Two teens are facing robbery and assault charges after an incident at an NSLC storeRead More