Highlights from Tuesday’s economic statement by Finance Minister Bill Morneau
OTTAWA — Some highlights from Tuesday’s economic statement, delivered in the House of Commons by federal Finance Minister Bill Morneau:
— The deficit for 2016-17 is expected to be $25.1 billion, but that does not include a rainy day fund. In last spring’s budget, the government projected a $29.4-billion deficit, but that number included a $6-billion reserve.
— The deficit is gradually expected to shrink over the coming five years to $14.6-billion in 2021-2022, not including any provisions set aside for a rainy day. There is no projection to balance the budget.
— Over five years, the government will add a total of $31.8-billion more to deficits than was expected in the last budget, mostly because of changes to expectations for the economy.