MNI BRIEF: Budget Office Sees Canada Deficit As Wide As CAD70B

Canada's budget deficit could be as large as CAD70 billion this year, or about CAD10 billion more than commitments laid out in the Liberal Party's platform for the April 28 election, the parliamentary budget officer told lawmakers late Monday.

Yves Giroux gave the Senate finance the estimate based on calculations being finalized for a report he plans to publish on Thursday. Keeping the deficit to CAD60 billion in the fiscal year that began April 1 would require major spending cuts or unexpected revenue, things the government hasn't outlined yet because it won't present a budget until the fall, Giroux said. (MNI: Canada Approved CAD95B Geopolitical Contingency Borrowing)