Friday, March 29, 2024
ADVT 
National

Pandemic to plunge deficit to $363B, PBO says

Darpan News Desk The Canadian Press, 31 Mar, 2021 04:52 PM
  • Pandemic to plunge deficit to $363B, PBO says

Parliament's spending watchdog says the federal response to the COVID-19 pandemic should send the deficit to $363.4 billion.

In a report this morning, budget officer Yves Giroux says the deficit should fall over time as emergency spending measures wind down over the next 12 months.

The economy too is faring better than Giroux anticipated, and his office has revised its projections for economic growth starting in the second half of this year.

With the economy doing better than expected, and the deficit falling over time, the budget office expects federal finances to become sustainable again.

The economy could also get a boost from the Liberals' promised fiscal stimulus that is valued between $70 billion and $100 billion over three years to be outlined in this year's federal budget.

Giroux's outlook doesn't account for that spending because of the lack of detail about how it will be used, but he does warn it would result in larger deficits that may spin out of control depending on how the spending is financed.

MORE National ARTICLES

Toronto to get new vaccine-manufacturing plant

Toronto to get new vaccine-manufacturing plant
The project will create 1,225 jobs and Sanofi will also invest at least $79 million a year to fund Canadian research and development.

Toronto to get new vaccine-manufacturing plant

Biden unveiling $2-trillion infrastructure plan

Biden unveiling $2-trillion infrastructure plan
Biden is bent on resurrecting America's manufacturing sector, as well — the plan includes $580 billion for manufacturing, job training and R & D.

Biden unveiling $2-trillion infrastructure plan

AstraZeneca shots offered to ages 55-65 in B.C

AstraZeneca shots offered to ages 55-65 in B.C
Beginning Wednesday, those between the ages of 55 and 65 can call their local pharmacy and book an appointment to receive their vaccine.

AstraZeneca shots offered to ages 55-65 in B.C

840 COVID19 cases for Tuesday

840 COVID19 cases for Tuesday
421 new cases in the Fraser Health region, 39 in the Island Health region, 67 in the Interior Health region, 46 in the Northern Health region and two new cases of people who reside outside of Canada.

840 COVID19 cases for Tuesday

Robbery suspects charged following month-long investigation

Robbery suspects charged following month-long investigation
The stolen vehicle was later found abandoned, and was recovered by the Metro Vancouver Transit Police on February 23, 2021, near the intersection of 97B Avenue and 137B Street.

Robbery suspects charged following month-long investigation

Change messaging as cases rise: retail council

Change messaging as cases rise: retail council
Wilson says young workers in the retail sector have generally been pleased with the COVID-19 response in B.C., where stores have remained open while some other provinces have imposed restrictions.

Change messaging as cases rise: retail council

PrevNext