Canadian deficit to hit 254 bln Dollars this year: minister


Canadian Prime Minister Justin Trudeau on Wednesday said that he was concerned about reports that the United States was considering reimposing tariffs on Canadian aluminium and possibly steel.

Morneau said the debt is manageable, because of borrowing costs that are actually lower than a year ago due to falling interest rates.

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

Total market debt, which includes a ramp up in Treasury bills, will grow to $1.2 trillion from $765 billion.

We could soon learn what the true economic impact of the COVID-19 pandemic is on our country. One change in Wednesday's documents is a top up of nearly $40 billion in the government's wage subsidy program to $82.3 billion.

The debt-to-GDP ratio is expected to rise from 31 per cent to 49 per cent because of the emergency spending.

The Canadian Federation of Independent Business called the update a missed chance to help businesses know if they qualify for the subsidy.

"We were able to control the virus better than many of our allies, particularly including our neighbor", Trudeau told a briefing, saying this would help efforts to restart the economy.

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While speaking to the media, Trudeau said he looked forward to congratulating US President Donald Trump on US-Mexico-Canada Agreement (USMCA) which came into force on July 1, replacing the 26-year-old North American Free Trade Agreement (NAFTA). The discrepancy reflects lower tax revenue, an eight-week extension of CERB and the wage subsidy increase.

These demographics saw higher rates of job loss or reduced working hours.

Conservative leader Andrew Scheer, the leader of the opposition, called it a dire picture.

The federal Liberals believe there will be a slow return to a new normal, with unemployment high and economic growth low through to at least the end of 2021.

"A lot of the money that we owed was coming to maturity, and we had the opportunity to refinance because of the pandemic", he explained.

He said programs like CERB nonetheless need to be "retooled toward recovery" as provincial governments continue to gradually reopen the economy.

The Minister says that the federal government has used its strong fiscal position to stabilize the economy and support Canadians by putting in place the largest economic aid package in generations.

"At a time when Canadian workers and families are facing significant hardship, austerity and tightening your belt is not the answer". "So where is the prime minister's plan to set us apart?"