Ottawa posts deficit in October as fiscal-year shortfall hits $9.3 billion
OTTAWA — The federal government ran a budgetary deficit of $1.5 billion in October as increases in spending on programs outpaced increases in tax revenues.
The Finance Department’s monthly fiscal monitor also says the federal government has a deficit of $9.3 billion since the 2016-17 fiscal year started in April.
That figure for the April-to-October period is a swing from the $600 million surplus the Finance Department reported during the same stretch in the 2015-16 fiscal year.
The numbers are not surprising given the Liberals have promised to run deep deficits over the coming years to finance major infrastructure work and more lucrative child benefits to help boost economic growth.