Federal economics and fiscal ‘snapshot’ coming July 8: Trudeau

Federal economics and fiscal ‘snapshot’ coming July 8: Trudeau
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OTTAWA — Prime Minister Justin Trudeau is promising to deliver a “snapshot” of the federal government’s finances in the House of Commons July 8.

The Liberals were supposed to present a full budget for 2020 in March but postponed it indefinitely when the COVID-19 pandemic struck.

Trudeau has said uncertainty from the pandemic makes meaningful forecasts impossible.

Revenues have plunged and expenses have soared as millions of workers stopped earning incomes as their workplaces shut down, and started collecting benefits instead.

Trudeau says the situation demanded the biggest government response in our lifetimes.

That’s sent estimates of the federal deficit into orbit, to $250 billion or more.

This report by The Canadian Press was first published June 17, 2020.

The Canadian Press

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