Finance Department says federal deficit hit $148.6 billion through July
The federal government ran a deficit of $148.6 billion during the first four months of its 2020-2021 fiscal year, the result of unprecedented spending in response to the COVID-19 pandemic.The result compared with a deficit of $1.6 billion for the same period in the 2019-2020 fiscal year. In its monthly fiscal monitor, the Finance Department says program expenses for the four-month period of April to July hit $215.7 billion, up $111.1 billion, or 106.2 per cent, from the same period a year earlier. Major transfers to persons which consists this fiscal year of seniors benefits, employment insur...
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