Deficit on Track to Hit $382 Billion
CBJ — $382 billion.
That’s the projected deficit figure put forth by the federal government in what has been a financially debilitating year not only for governments but millions of Canadians.
New financial supports to be implemented by the government are certain to be needed as a large second wave of COVID-19 takes hold across much of the country.
Keep in mind the federal deficit projection is considered a best-case scenario, with critics saying the final figure could conceivably surpass $400 billion.
Deputy Prime Minister and Finance Minister Chrystia Freeland presented a revised economic picture in the House of Commons on Monday.
“This is the most severe challenge our country has faced since the Second World War. It is our most severe economic shock since the Great Depression, and our most severe public health crisis since the Spanish Flu a century ago. Canadians should know that their federal government will be there to help them get through it, come what may,” Freeland said.
The fiscal update confirms that the federal government has spent more than $322 billion on aid measures to help fight COVID-19 and protect Canadians. This includes more than $52 billion in support for coordinated federal, provincial and territorial measures.