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Noah Schafer

Federal deficit could be lower than expected - CTV News - 0 views

www.ctv.ca/...updated-deficit-110527

debt Canada jobs deficit operations stimulus

shared by Noah Schafer on 05 Jun 11 - No Cached
  • The federal deficit for the year just finished will come in lower than the $40.5 billion predicted in March's budget, Ottawa says.
  • The assessment about the deficit is contained in the Finance Department's monthly update of the government's books, which sets the preliminary standing on the deficit at $34.4 billion for the fiscal year 2010-11.
  • the department is careful to caution that the figure is preliminary and will likely rise after end-of-year adjustments on tax returns and valuation adjustments for assets and liabilities are done in the fall.
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  • Ottawa set a record $55.6 billion deficit in 2009-10, when the recession hit hardest, but has improved that position by between $15 and $20 billion in one year.
  • "However, based on the results to date, the final 2010-11 deficit is expected to be lower than the $40.5 billion as projected in the March 22 budget."
  • History has shown those adjustments can amount to billions of dollars in additional expenditures.
  • During the election campaign, the Conservatives pledged they would balance the budget in four years -- one year earlier than planned -- by finding an additional $4 billion in savings from operations.
  • The department said $17 billion, or about half, of last year's deficit was due the stimulus package.
  • In April, the International Monetary Fund pegged Canada's combined federal-provincial fiscal deficit at 4.1 per cent of gross domestic product, lower than the U.S. (10.5 per cent) and the United Kingdom (8.1 per cent).
Joey Keum

UPDATE 2-Canada unveils plan for jobs, balanced budget | Reuters - 0 views

www.reuters.com/...politics-idUSN0316118820110603

canadians market jobs

shared by Joey Keum on 04 Jun 11 - No Cached
  • Aims to balance budget by 2014 without raising taxes
  • OTTAWA, June 3 (Reuters) - Canada's Conservative government will focus on jobs and growth while eliminating the federal budget deficit, it said on Friday as it unveiled a plan for the four-year mandate it won in last month's election.
  • "We will get back to work on the things that matter most to Canadians: good jobs, security for our families and a prosperous future," Johnston said on behalf of the government.
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  • "Jobs and growth will remain our government's top priority," Johnston said.
  • "In order to accelerate the return to a balanced budget and to eliminate the deficit one year earlier, over the next year we will undertake a strategic and operating review of government spending," he said.
  • "Our government's plan will put us on a strong footing to resume paying down the federal debt, further reduce taxes on families and continue investing in priorities."
Noah Schafer

Battle to slay the budget deficit continues to stall - The Globe and Mail - 0 views

www.theglobeandmail.com/...article2040896

debt Canada deficit lower economy

shared by Noah Schafer on 05 Jun 11 - No Cached
  • The Department of Finance estimates that the budget balance for the fiscal year 2010-11 will come in below what had been forecasted, and well below the deficit of 2009-10.
  • he Department of Finance estimates that the budget balance for the fiscal year 2010-11 will come in below what had been forecasted, and well below the deficit of 2009-10. It was expected and hoped that the budget balance would improve as the econom
  • The deficit has been stalled in the $35-billion a year range for the past 8-10 months.
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  • The steep decline in the 12-month moving sum that was produced by the recession finally turned around in early 2010, but the rebound lasted only a few months.
  • The graph also makes it clear that the trend to deficit began in early 2008, several months before the recession began.
  • The federal government’s decision to cut the GST would have produced a deficit even if the economy had remained stable.
Ms Cuttle

Show cards on structural deficit, watchdog tells Tories - The Globe and Mail - 0 views

www.theglobeandmail.com/...article2268052

structural deficits federal budget

shared by Ms Cuttle on 12 Dec 11 - No Cached
  • “Distinguishing between structural and cyclical components of a government’s budget balance is crucial because, while the cyclical component may be expected to dissipate over a medium-term horizon as the economy returns to its full potential, the structural component may necessitate policy measures,”
  • he PBO’s own analysis concludes that if the Conservative government succeeds at reigning in spending as planned over the coming years, the structural deficit will fall from $25-billion this year to only $1.6-billion in 2016-17.
dani tav

Wonkbook: Debt limit vote, part I - Ezra Klein - The Washington Post - 1 views

www.washingtonpost.com/...AGKSoMFH_blog.html

Government Spending Budget Cuts debt Housing Price

shared by dani tav on 31 May 11 - No Cached
  • a proposal Tuesday that would increase the nation’s ability to borrow money without also making major cuts in federal spending
  • initial request that the nation’s $14.3 trillion debt ceiling be lifted without any accompanying spending reductions
  • politically impossible.
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  • o get my vote on the debt ceiling..Medicare will be a part of it
  • argued against using $80 billion in taxpayer dollars to try to save General Motors Co., Chrysler and many of their suppliers."
  • economists largely predicted the U.S. recovery would ramp back up as short-term disruptions such as higher gas prices, bad weather and supply problems in Japan subsided
  • he ownership rate is now back to the level of 1998, and some housing experts say it could decline to the level of the 1980s or even earlier
  • Cutting tax breaks for retirement won't raise a lot of money;
  • economy
  • medical school free
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