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Budget watchdog forecasts deeper deficits than Ottawa projected in spring update
The budget watchdog says annual deficits will average $4.6 billion more than Ottawa projected because of lower tax revenue and higher program costs.
- On Thursday, Parliamentary Budget Officer Annette Ryan released her first economic and fiscal update, forecasting a $71.8 billion deficit for this fiscal year, about $6.5 billion higher than Ottawa's spring projection.
- Ryan attributes the deeper annual deficits to lower income tax revenue and higher program expenses, with deficits predicted to average $4.6 billion higher than Ottawa projected in its spring update.
- While the report projects the federal deficit-to-GDP ratio will fall over the five-year horizon, Ryan estimates less than one per cent probability of achieving consistent yearly deficit reductions.
- The federal government faces significant challenges maintaining its fiscal anchor of shrinking the deficit relative to the economy annually, with analysis suggesting this goal remains highly unlikely to be met.
- This report by The Canadian Press marks the first fiscal update since Ryan assumed her role in April, providing a comprehensive long-term outlook for the government's fiscal management.
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31 Articles
31 Articles
Carney's annual government deficits will average $4.6 billion higher.
·Montreal, Canada
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Canada’s deficit doubled from last fiscal year, says watchdog
Canada’s budget watchdog predicts Canada’s deficit doubled during the last fiscal year from $36.3 billion to $72 billion, citing “modest revenue growth” and growing expenses “largely reflecting the introduction of new measures.”
·Canada
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The Toronto Star+24 Reposted by 24 other sources
Champagne stands his ground after budget watchdog questions fiscal anchor
OTTAWA - The federal finance minister is standing by his government's projections after Ottawa's budgetary watchdog cast doubt on Ottawa's ability to hit a key fiscal anchor.
·Toronto, Canada
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According to the federal budgetary oversight agency, Ottawa is less than 1% likely to meet its primary budgetary objective of reducing the deficit as a percentage of GDP each year.
·Montreal, Canada
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Total News Sources31
Leaning Left21Leaning Right0Center5Last UpdatedBias Distribution81% Left
Bias Distribution
- 81% of the sources lean Left
81% Left
L 81%
C 19%
Factuality
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