Close X
Tuesday, November 5, 2024
ADVT 
National

Liberal Government Runs $1.4B Budgetary Deficit In First Two Months Of 2019-20

Darpan News Desk The Canadian Press, 26 Jul, 2019 08:21 PM

    OTTAWA - A new preliminary estimate says the federal government posted a budgetary deficit of $1.4 billion through the first two months of the current fiscal year.

     

    The Finance Department's numbers show the combined shortfall for April and May 2019 came after government spending and public debt charges expanded at a pace about three times higher than revenues.

     

    The report says expenses during those two months jumped up 13.5 per cent — or $6.3 billion — compared to a year earlier, mostly due to increases in direct program spending and transfers to other levels of government.

     

    The department's latest fiscal monitor says over that period public debt charges rose 13.3 per cent, or $600 million.

     

    Government revenues only provided a partial offset, compared to a year earlier, by increasing 4.2 per cent — or $2.3 billion — mostly because of higher tax revenues.

     

    The report says the government ran a $2.1-billion deficit in April and a $700-million surplus in May.

     

    The combined deficit compares to a $3.2-billion surplus over the same period in 2018.

     

    The Liberal government's spring budget forecasted a shortfall of $19.8 billion for the 2019-20 fiscal year.

    MORE National ARTICLES

    Woman Charged After Allegedly Throwing Bong Water On Ex-Girlfriend

    Woman Charged After Allegedly Throwing Bong Water On Ex-Girlfriend
    KINGSTON, Ont. — An Ontario woman who allegedly threw bong water on her ex-girlfriend during an argument has been charged with assault.

    Woman Charged After Allegedly Throwing Bong Water On Ex-Girlfriend

    'Snowden Refugee' Living In Montreal Calls On Canada To Accept Others

    A refugee who helped shelter whistleblower Edward Snowden in Hong Kong is calling on immigration officials to allow other members of her daughter's family to join her in Canada.

    'Snowden Refugee' Living In Montreal Calls On Canada To Accept Others

    Former Imam Hassan Guillet Turned Federal Liberal Candidate In Montreal Hopes To Build Bridges

    OTTAWA — A former imam whose sermon at the funeral of worshippers murdered at a Quebec City mosque attracted international attention will run for the federal Liberals in a Montreal riding.    

    Former Imam Hassan Guillet Turned Federal Liberal Candidate In Montreal Hopes To Build Bridges

    New Brunswick Health Officials Confirm 9Th Case Of Measles In Province

    FREDERICTON — Health officials in New Brunswick have confirmed another case of measles — bringing the total to nine in the Saint John area — and some officials predict the number could go higher.

    New Brunswick Health Officials Confirm 9Th Case Of Measles In Province

    Is Quest For Canadian Oil Independence More A Political Pitch Than Economics?

    Conservative Leader Andrew Scheer says he wants to end Canadian imports of foreign oil by 2030, a move experts say would mostly affect purchases from the United States and could endanger deep trade relationships.

    Is Quest For Canadian Oil Independence More A Political Pitch Than Economics?

    Scheer Vows To End 'Illegal' Border Crossings As Part Of Immigration Policy Plan

    OTTAWA — If elected prime minister, Conservative Leader Andrew Scheer says he would put an end to "illegal" border crossings in Canada.    

    Scheer Vows To End 'Illegal' Border Crossings As Part Of Immigration Policy Plan