Deficits until 2015: Flaherty

Finance Minister Jim Flaherty says Ottawa will run deficits for two years longer than originally forecast and the country will be in the red at least until 2015. As well, he said the deficit for this year will be over $5 billion more than originally thought, moving up to a projected $55.9 billion from $50.2 billion.

Federal Finance Minister Jim Flaherty speaks at the Greater Victoria Chamber of Commerce luncheon in Victoria Thursday.

VICTORIA — Finance Minister Jim Flaherty says Ottawa will run deficits for two years longer than originally forecast and the country will be in the red at least until 2015.

As well, he said the deficit for this year will be over $5 billion more than originally thought, moving up to a projected $55.9 billion from $50.2 billion.

Flaherty told an audience in Victoria that Canada is showing signs of a fragile economic recovery, but returning to balanced budgets will not be easy.

“It will require decisions of government that won’t always be popular or pain-free,” Flaherty said in a prepared speech.

“It will require a lot of saying ’no’ to pet projects and special interests.”

The federal deficit is projected to be down to $5.2 billion for the fiscal year 2014-2015.

Finance officials say economic conditions are improving, but remain volatile, making accurate projections difficult.

In the medium term, they said, the economy is weaker than forecast and Canada can expect larger and longer deficits.

Flaherty said in his speech the uncertain economic times mean the Liberal Opposition’s sabre rattling over an election is bad timing for the country.

“Now is not the time to put economic recovery at risk with political opportunism. This is not the time to create instability out of narrow, partisan self-interest,” he said.

“This is not the time to play political games.”

Just Posted

Rachel Notley is coming to Red Deer

Speaking at campaign office

Missing woman reported

Last seen in Red Deer

Allies of local LGBTQ community to speak at RDC on Tuesday

Red Deer College is starting a conversation about gender and sexual orientation… Continue reading

Case of Red Deer ex-teacher charged with child sex offences in court

Norman Joseph Howes accused of offences that occurred during 2018 Christmas break

RDSO goes to the movies for blockbuster concert Saturday at Red Deer’s Memorial Centre

‘Star Wars,’ ‘Harry Potter,’ ‘Star Trek’ music on the program

Canadian pair fifth after short program at figure skating worlds

SAITAMA, Japan — Canada’s Kirsten Moore-Towers and Michael Marinaro are fifth after… Continue reading

Director Kim Nguyen tackles financial ‘madness’ in ‘The Hummingbird Project’

TORONTO — As Quebec filmmaker Kim Nguyen tells it, “The Hummingbird Project”… Continue reading

What Disney gets as its $71.3B buy of Fox assets closes

It’s finally complete. Disney closed its $71 billion acquisition of Fox’s entertainment… Continue reading

Opinion: Let’s be heard ‘loud and clear’ during provincial election campaign

By David Marsden During the banquet for Sunday’s Boston Bruins alumni game,… Continue reading

Documentary on Colten Boushie case to open Toronto’s Hot Docs festival

TORONTO — A film examining the case of a young Indigenous man… Continue reading

Want to help bees? Plant flowering herbs

Herbs are among the most useful plants in nature. They can tantalize… Continue reading

UN: Gene editing for human reproduction is ‘irresponsible’

GENEVA — A panel convened by the World Health Organization said it… Continue reading

Photos: Three moose spotted in Red Deer Tuesday

Three moose were spotted in Red Deer Tuesday morning. Red Deer resident… Continue reading

Most Read