Government defends $50 billion deficit

May 26 to 28, 2009 – Finance Minister Jim Flaherty says Canada’s 2009/10 budget deficit will grow to over $50 billion, about 50% higher than the $34 billion deficit projected in January.

Liberals demanded Flaherty’s resignation for ‘gross incompetence’.

The government defended its deficit, saying it is necessary during a recession and affordable given Canada’s favourable fiscal position relative to other leading economies.


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