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Feds to post deficits $8B bigger than expected

Feds to post deficits $8B bigger than expected

Feds to post deficits $8B bigger than expected over next two years: PBO report

Source: The Canadian Press

OTTAWA — The Trudeau government is on track to run deficits nearly $8 billion deeper than expected over the next two years, the federal budget watchdog said Monday in a new report.

The parliamentary budget officer estimated the Liberals will post a $22.1-billion shortfall this fiscal year, which would be $4 billion more than the projection of $18.1 billion in the federal government’s February budget.

For 2019-20, Jean-Denis Frechette’s team predicted a $21.4-billion deficit, $3.9 billion higher than the government’s forecast of $17.5 billion.

“We believe that the deficit is going to rise somewhat above what the government was assuming in the budget,” Mostafa Askari, the deputy parliamentary budget officer, said in an interview.

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