FEDERAL DEFICIT HITS $14 BILLION
The federal government ran a budgetary shortfall of $14 billion over the first nine months of the fiscal year, compared with a $3.2-billion surplus over the same period a year earlier. The Finance Department’s monthly fiscal monitor says federal program expenses between April and December rose $16.7 billion, or 8.8 per cent, compared with the same stretch a year ago. A closer look at the numbers shows that major government transfers to individuals, including seniors benefits, were up $5.7 billion, or 9.3 per cent, while directprogram spending rose $8.9 billion, or 11.3 per cent. Government revenues, such as those pulled in from income taxes, were down $1.9 billion or 0.9 per cent compared with 2015-16. The Trudeau government is projecting a $25.1-billion deficit for 201617 as part of its plan to run several doubledigit shortfalls over the coming years to lift the economy.