February 22
18:23
2016
Canada's Finance Minister Bill Morneau lowered economic expectations Monday, saying the oil rout will put his Liberals' first budget into a deeper deficit than was promised only months ago. As a result, Ottawa is now projecting a deficit of at least Can$18.4 billion in fiscal 2016–17 and Can$15.5 billion in 2017–18. Canada's debt-to-GDP ratio would fall from 31.8 percent to 31.1 percent in those years as the economy picks up steam, while the national debt rises to Can$650 billion.
