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Federal deficit could hit $256 billion, PBO says in new report | CBC News

Federal deficit could hit $256 billion, PBO says in new report | CBC News

The parliamentary finances officer says in a brand new report that this yr’s federal deficit might hit $256 billion as a result of COVID-19 pandemic.

The parliamentary finances officer estimates the Canadian economic system might shrink by 6.eight per cent in 2020, the weakest exhibiting since 1981. (Justin Tang/Canadian Press)

The parliamentary finances officer says in a brand new report that this yr’s federal deficit might hit $256 billion as a result of COVID-19 pandemic.

The consequence, posted in a report this morning, is the mixture of an estimated complete of $169 billion in federal spending on emergency assist and a historic drop in financial output.

The finances workplace estimates the economic system might shrink by 6.eight per cent in 2020, the weakest exhibiting since 1981 and double the file of three.2 per cent shrinkage in 1982.

The general deficit determine is just $3.eight billion larger than finances officer Yves Giroux’s earlier predictions, which his report says is because of a greater financial outlook that offsets some new spending.

Giroux stresses that the figures are the end result of one in all many attainable eventualities and never a sure forecast.

The report comes at some point after Prime Minister Justin Trudeau promised to ship a “snapshot” of federal funds on July eight that can present short-term spending estimates.

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