Say it ain't so Jim. Say it ain't so:
Canada's promise to get back into the black by 2015 was tossed out the window Tuesday.
In a speech in Fredericton, N.B., Tuesday, Finance Minister Jim Flaherty admitted the government will not be able to balance the books until at least 2016-17, a year later than he has been promising for the last three years. Canada will also see deficits increase by $20.4 billion over the next four years, forced upward by shrinking revenues in the face of global economic weakness.
"Canada has clearly been affected by volatile and falling world commodity prices since the budget in late March," he said.
Sure. So what about all that new spending you've announced over the last six and a half years? Any of that being cut back? Minister Flaherty?