Nov 13, 2012

By Michael Kramer

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Finance Minister Jim Flaherty says global economic weakness has taken a bite out of Canadian commodity prices and tax revenues.

He says that means the government will miss its deficit targets in each of the next four years and it will take a year longer than predicted to balance the books.

However Flaherty says the government won’t be far off the target at the end of the 2015-2016 budget year.

Ottawa now projects its deficit will rise to 26-billion dollars this fiscal year, which ends in March, as opposed to the predicted 21.1-billion.

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