Canada deepens the federal deficit in its budget in response to tax cuts for the Tampa[/ltr]
[ltr][rtl]Date of release: 2018/11/22 23:25[/rtl] • [rtl]174 times read[/rtl][/ltr]
Canadian Finance Minister Bill Mornio has announced that the federal budget deficit for the fiscal year 2019-2020 will widen to $ 19.6 billion, bringing the deficit to nearly $ 2 billion this year.
In a speech before the Canadian parliament, Murnio warned of global uncertainty, unpredictable oil prices, continuing trade disputes and deep tax cuts by US President Donald Trump, indicating that all these issues pose serious challenges.
Mornio said the Canadian government spends billions to help Canadian companies compete with the United States, noting that this new approach includes offering incentives to Canadian companies aimed at boosting business confidence and stimulating competitiveness in the short term.
Canada's federal debt is expected to rise to $ 765 billion by 2023 compared to $ 688 billion in the current fiscal year, the finance minister said.