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Federal deficit through June hits $120 billion: Finance Department
BY , Aug 28, 2020 5:30 PM - REPORT AN ERROR
Storm clouds pass by the Peace tower and Parliament hill Tuesday August 18, 2020 in Ottawa. The federal government ran a deficit of just over $120.3 billion during the first three months of its 2020-2021 fiscal year as the treasury pumped out aid to cushion the impact of the COVID-19 pandemic. THE CANADIAN PRESS/Adrian Wyld
The federal deficit soared to 120.4-billion-dollars in the first quarter of Ottawa's fiscal year, up from a deficit of 85-million a year ago.
The Finance Department says the treasury was pumping out emergency aid to businesses and workers to cushion the impact of the COVID-19 pandemic.
Major transfers to persons, which includes seniors benefits, employment insurance payments, the Canada Emergency Response Benefit, and children's benefits jumped 193.5 per cent year-over-year, to almost 70.6-billion-dollars.
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