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Canada predicts historic deficit due to pandemic spending

Canada predicts historic deficit due to pandemic spending Photo: WDIO-TV file

Created: July 08, 2020 04:50 PM

OTTAWA (AP) - The Canadian government is predicting a historic CDN$343 billion (US$254 billion) deficit for 2020-21 resulting from its economic and stimulus plans to battle COVID-19.

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The amount, included in a fiscal “snapshot” the Liberal government released Wednesday, is a huge jump from the CDN$28.1 billion (US$20.8 billion) deficit projected prior to the pandemic.

The report says that since March, the federal government has spent more than CDN$231 billion (US$171 billion) on health and safety measures as well as direct aid to Canadians and businesses.

Prime Minister Justine Trudeau defended the government’s spending as a lifeline to Canadians battling to stay afloat.

Copyright 2020 The Associated Press. All rights reserved.

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