â–ş Listen Live
â–ş Listen Live

Federal deficit for the 2020-21 fiscal year pegged at $343.2-billion

A fiscal ‘snapshot’ from the Trudeau government estimates the federal deficit for the 2020-21 fiscal year will be $343.2-billion.

Finance Minister Bill Morneau presented the update Wednesday afternoon saying it’s expected the economy will contract by 6.8% in 2020 as a whole because of COVID-19, its sharpest drop since the Great Depression.

Morneau says providing support like the Canada Emergency Relief Benefit and the Canada Emergency Wage Subsidy has led to Ottawa spending $236-billion to date to address COVID-19.

Morneau, however, does say there’s a projection of a 5.5% rebound in 2021.

He says they are projecting that by the end of the 2020-21 fiscal year next March, $469 billion more will be spent that what was projected in spending targets set in December 2019.

The rising deficit has pushed the federal government’s total debt level to more than $1-trillion, a record-setting number in the country.

Morneau says he expects to deliver an economic update or a budget in the fall.

Something going on in the Prince George area you think people should know about?
Send us a news tip by emailing [email protected].

Continue Reading

<p>

chnv Now playing play

</p>

<p>

ckkc Now playing play

</p>

- Advertisement -

Related Articles

<p>

- Advertisement -
</p>

Latest News

Hartley’s Sports Shorts; Friday, July 4th

Sports by Hartley Friday, July 4th, 2025 (As of 12:05...

RCMP vehicle sparks wildfire north of Lytton

A wildfire burning near Lytton grew to over 1.5 square kilometres Thursday and has been declared a wildfire of note by the B.C. Wildfire Service.

Loader fire doused in Quesnel

The Quesnel Fire Department was called to the scene of a loader that had caught fire at the Silva Gro Nursery chip manufacturing site on Lear Road.

Climate advocate joins B.C. Greens leadership race

The B.C. Greens have added 24-year-old climate advocate Emily Lowan from Victoria to the slate of candidates in the party's leadership race.

Skipper hanging up the leash after nine years of service to North District RCMP

One of the North District RCMP's finest is calling...
- Advertisement -