The federal Liberals are to lay out Wednesday how they see the COVID-19 pandemic affecting government finances for the fiscal year including an estimated deficit and a projected path for the economy.
OTTAWA -- The federal Liberals are to lay out today how they see the COVID-19 pandemic affecting government finances for the fiscal year including an estimated deficit and a projected path for the economy.
The Liberals have regularly updated MPs about total spending on emergency aid, which by last count amounted to over $174 billion, but have yet to put a figure on the deficit for the fiscal year.Other private sector estimates suggest $300 billion wouldn't be out of the realm of possibility. Fuelling the deficit is also an unprecedented drop in economic output and employment that will cut revenues the government expected to receive this year.The finance minister has said the document won't have a five-year forecast traditionally part of federal budgets owing to the uncertain path the pandemic will take.
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