OTTAWA — The federal government likely failed to keep its deficit below the promised $40-billion cap in the last fiscal year, the parliamentary budget officer said on Thursday.
The budget watchdog estimates in its latest economic and fiscal outlook that the federal government posted a $46.8 billion deficit for the 2023-24 fiscal year.
The final tally of the last year’s deficit will be confirmed when the government publishes its annual public accounts report this fall.
“Based on our analysis, the government will not meet its fiscal commitment to keep the deficit below $40 billion in 2023-24,” Yves Giroux said.
Finance Minister Chrystia Freeland pledged a year ago to keep
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