Canada overshoots deficit target by C$20 billion as finance minister resigns

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Tue, December 17, 2024

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Canada overshoots deficit target by C$20 billion as finance minister resigns

^{Published on 2024-12-17 00:00:47 - MSN}

Canadian Prime Minister Justin Trudeau's spending related to the pandemic and other one-off costs blew a bigger than expected hole in the government's budget last year, its fiscal update showed on Monday,

The article from MSN discusses Canada's fiscal situation where the federal deficit has overshot its target by approximately $20 billion, reaching $40 billion for the fiscal year ending March 31, 2024. This overshoot comes amidst economic challenges including high inflation and rising interest rates. Concurrently, Finance Minister Chrystia Freeland announced her resignation to focus on her campaign for the position of Prime Minister, following Prime Minister Justin Trudeau's decision to step down. Freeland's departure adds to the political uncertainty at a time when the government is grappling with economic recovery and managing public finances. The article also touches on the implications of this deficit overshoot, suggesting potential policy shifts or spending cuts might be necessary, and highlights the political dynamics as the Liberal Party prepares for a leadership transition.

Read the Full MSN Article at:
[ https://www.msn.com/en-ca/politics/government/canada-overshoots-deficit-target-by-c-20-billion-as-finance-minister-resigns/ar-AA1vYxNH ]

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