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Tuesday, May 31, 2016

Bait and switch


Ottawa posts deficit for fiscal year as income tax revenue falls in March

Finance Department says preliminary $2B deficit for 2015-16 'broadly in line' with spring budget's projections

The Liberals say the latest figures from the Finance Department — which show a small deficit in the last fiscal year — confirm that the Tories left the books in the red when they lost the election last fall.
However, the Conservatives place blame for the deficit squarely on the Liberals — continuing a war of words over the state of the government's finances.
The Finance Department said Friday there was a $2-billion deficit for fiscal 2015-16, based on preliminary estimates. The result comes before any year-end adjustments as well as a $3.7-billion commitment to benefits for veterans.
Final figures are expected to be released in the fall, but the Finance Department said the overall outcome was "broadly in line" with the $5.4-billion deficit for 2015-16 that was projected in the spring budget.
"The Conservatives have always talked a big game when it comes to balancing the budget, but their legacy amounts to them leaving behind tens of billions in additional debt with little more than a slowing economy to show for it," said Daniel Lauzon, a spokesman for Finance Minister Bill Morneau.
However, Conservative Finance critic Lisa Raitt pointed a finger at the Liberals.
"They made significant moves, they made changes to the Income Tax Act which has affected revenues, they have made changes in terms of departmental spending, that is completely within their control," said Raitt, who was in Vancouver to attend her party's convention.
Lauzon said the government is making investments to help create jobs.

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