Parliament's spending watchdog says the estimated federal deficit for the year has likely risen to about $260 billion with new measures rolled out in recent weeks.
Budget officer Yves Giroux previously estimated the federal deficit at $252.1 billion this fiscal year on account of a sharp increase in spending on emergency aid and a subsequent drop in economic activity related to the COVID-19 pandemic.
Speaking to a Senate committee this afternoon, Giroux says the government has added about $7.6 billion in spending since his last report, pushing the potential deficit ever deeper.Giroux says his office will update its estimates of federal finances, including the deficit and debt, some time in June. He also says PBO analysts are in the early stages of looking into the potential impact on federal finances from extra borrowing by Crown corporations through the pandemic.This report by The Canadian Press was first published May 26, 2020.
Canada Latest News, Canada Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
Air Canada CEO Sees Compensation Cut In Half As Share Price StallsAir Canada CEO Calin Rovinescu was on track to receive $12.9 million in total compensation before the pandemic hit
Read more »
Coronavirus Update: Canadian vaccine candidate succeeds in animal studies, setting stage for human testingMay 25: Feds say CERB has now paid out $40.33-billion in emergency aid; WHO suspends trial of hydroxychloroquine in COVID-19 patients due to safety concerns
Read more »
‘Fatalism effect’: Study says people who overestimate COVID-19 spread are less likely to follow rules‘You’re basically just saying to yourself, we’re all going to get it anyway, why bother taking these annoying precautions?’
Read more »
Trudeau, Singh pressed on party's decision to access COVID-19 wage subsidyPrime Minister Justin Trudeau faced multiple questions today on why his party applied for a federal wage subsidy program for organizations facing economic hardship due to COVID-19.
Read more »
Payments for CERB top $40 billion as feds open doors for commercial rent helpA key federal benefit for Canadians out of work, or seeing large drops in their earnings, in the COVID-19 pandemic has paid out over $40 billion in emergency aid.
Read more »
'None of us were prepared': How the pandemic is affecting foster familiesAdvocates say foster families are facing new challenges due to distancing requirements and other aspects of life amid the COVID-19 pandemic.
Read more »