Morneau projects $343.2-billion deficit;
federal debt to climb above $1-trillion
Bill Curry and Daniel Leblanc
The federal government is forecasting a deficit of $343.2-billion this year due to a sharp decline in tax revenue and massive emergency spending in response to the coronavirus pandemic.
That one-year deficit figure is nearly the same size as total federal spending in a normal year.
The big spike in deficit spending will push the federal debt through the one trillion dollar mark for the first time, up from $716.8-billion in the previous fiscal year.