Wednesday, July 08, 2020

CANADIAN DEBT TOPS $1TRILLION


Morneau projects $343.2-billion deficit; 
federal debt to climb above $1-trillion   
Bill Curry and Daniel Leblanc 
  
The federal government is forecasting a deficit of $343.2-billion this year due to a sharp decline in tax revenue and massive emergency spending in response to the coronavirus pandemic.

That one-year deficit figure is nearly the same size as total federal spending in a normal year.

The big spike in deficit spending will push the federal debt through the one trillion dollar mark for the first time, up from $716.8-billion in the previous fiscal year.


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