Bloomberg News

Canada to Post C$32.3 Billion Deficit in 2011-12, Flaherty Says

June 06, 2011

June 6 (Bloomberg) -- Canadian Finance Minister Jim Flaherty forecast the country will post a budget deficit of C$32.3 billion in the fiscal year that began in April.

Flaherty released a revised budget today in Ottawa after the original spending plan presented on March 22 didn’t pass in Parliament before the election last month.

Prime Minister Stephen Harper says the election victory gave him a mandate to bolster the economic recovery with additional tax cuts and to erase the deficit partly through curbs on government spending.

To contact the reporter on this story: Theophilos Argitis in Ottawa at targitis@bloomberg.net

To contact the editor responsible for this story: Steven Frank at sfrank9@bloomberg.net


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