Saturday, February 25, 2012
So it seems HM Government might be able to balance there budget by 2014. The deficit is shrinking!! OTTAWA - Finance Minister Jim Flaherty target for eliminating the deficit is getting closer, as Ottawa's finances continue to improve by the month. The latest accounting from the Finance Department on Friday shows the monthly deficit fell to $353 million in December, from $1.35 billion a year earlier. More critical to the government's longer-term fiscal projections, the December data puts Ottawa about $10 billion ahead of pace for the first nine months of the fiscal year compared to last year at this time. The cumulated deficit so far this year now stands at $17.7 billion, compared to $27.4 billion for the same period in 2010. TD Bank economist Sonya Gulati said the steady improvement in Ottawa's fiscal position could have long term implications — and lead to balancing the books earlier than expected. "As a result and all else equal, it looks like the government could squeeze out a surplus in 2014-15, one year earlier than the current plan," she said in an analysis.