Liberals go deeper into deficit in response to Trump tax cuts
Source: CBC News
Author: Kathleen Harris
The Liberal government is spending billions to help corporate Canada compete with the U.S. and to prop up struggling news organizations — showing a willingness to go deeper into deficit with no timeline to return to a balanced budget.
In his fall fiscal update, delivered this afternoon, Finance Minister Bill Morneau touted Canada’s strong economic performance but warned that global uncertainty, unpredictable oil prices, lingering trade disputes and deep tax cuts brought in by U.S. President Donald Trump are all posing serious challenges.
The Fall Economic Statement delivers $17.6 billion in new spending over six years — about $16.5 billion of it in foregone revenue to boost Canadian business productivity.