Ottawa unveils record-breaking deficit

Ottawa’s record-breaking deficit of $55.6 billion last year won’t stop the government from balancing its books by 2016, Finance Minister Jim Flaherty announced Tuesday in the federal government’s fiscal update. The shortfall was $1.8 billion more than had been anticipated when the budget was unveiled in March and surpassed the previous record by about $10 billion. Flaherty’s announcement included no new spending, nor did it outline any budget cuts. "Our government’s commitment to return to balanced budgets stems from our fundamental belief that the private sector.... must be Canada’s economic engine of growth, not government," Flaherty said.

Canadian Press