Beyond The Commons

Aaron Wherry covers all the goings-on in and around Parliament Hill. Follow Aaron on Twitter: @aaronwherry

Categories: Beyond The Commons, Capital Read

Just in time for QP

by Aaron Wherry on Tuesday, June 2, 2009 1:58pm - 15 Comments

Hope the Finance Minister enjoyed the theatre last night. He might not enjoy this afternoon’s show.

The federal government will run a cumulative deficit of roughly $162-billion over five years, or nearly double what Ottawa projected in its most recent budget, economists at Toronto-Dominion Bank said Tuesday. As a result, the government will be nowhere near a return to surplus in 2013-14, as Finance Minister Jim Flaherty said in his January budget. According to the TD forecast, Ottawa will record a $19-billion deficit that fiscal year, as opposed to an anticipated $700-million surplus.

Tags: Budget, budget deficit, deficit, economy, Jim Flaherty

More by Aaron Wherry

PolJunkie

"The federal government will run a cumulative deficit of roughly $162-billion over five years…"

I'm stunned!
Wayne

5 year projections right now aren't worth the paper they were printed on.

Patrick

I'd love to hear you say that if the tables were turned and the Libs were in government with these kind of projections.
http://intensedebate.com/people/Jack_Mitchell Jack_Mitchell

Quite right, Wayne — things are bound to be worse.
Ted

So why are Harper and Flaherty sticking to their projections? They have told us they flat out screwed up only a month ago saying there would be no change to the budget even though now it will be at minimum $50 BILLION. But they have not revised their "plan" to reduce the deficit or adjust going forward numbers based on the reality that is out there. What is the Conservative plan to eliminate the deficit?

Scott M.

Apparently they are only going to introduce a new budget when they need to raise taxes. :)

Wayne

Harpers waiting for the fall and if necessary pro-rogue again if things are way worse .. after he only needs to sit in the House once a year (those da rules)

K V

Sell of as many crown assets as possible, for a starter. Then start cutting social programs.

http://intensedebate.com/people/Douglass Douglass

Great. Just what we need, a fire sale.

I'd rather see them increase the GST.
Ted

Because selling off assets is the best way to maximize your sale price.

Because there are so many companies flush with cash just ready to pay good money for a big assets.

Because flooding the market all of a sudden with a bunch of assets all at once is a great way to maximize sales and efficiency.

Nothing wrong could possibly happen.

Because cramming through tons of sales in one year through already busy bureaucrats is the best way to avoid mistakes, graft, corruption, efficiencies.

dan in van

Didn't they just use that to sell the govenor general's china set? Sounds like that was the test run…

Blues Clair

First, military cuts.

http://www.twiiter.com/lobbycanada lobbycanada

Amen to that. The GST cuts didn't do $hit for anybody and it crippled gov't revenue.

Just because someone goes to school and takes a few economics courses doesn't make them an economist. Harper is an Imperial Oil mailroom worker, not an economist. He doesn't know what he's doing.
Ted

The first one was meant to be : "Because selling off assets in this economy is the best way to maximize your sale price.
ARX

The biggest con job (so to speak) these Tories ever pulled was convincing anyone that they are good economic managers. This level of incompetence and poor judgement is ridiculous. I really hope we kick these hacks out of office before they run us into the ground.