Quote:
The federal government is well ahead of schedule in reducing the size of the deficit, even as it is preparing to cut back on pensions and the size of the public service.
The Finance Department reported Friday that November's shortfall totalled $1.9-billion, well shy of the $4.5-billion of red ink penned during the same month last year.
The bigger story is that for the first eight months of the 2011-12 fiscal period that ends in March, Ottawa is about $9-billion to the good of where it stood last year. As of November the deficit stood at $17.3-billion compared to $26-billion for the same period in 2010.
With only four months to go in the 2011-12 fiscal year, Ottawa is well on pace to beat the $32.3-billion deficit target of the fall's economic update.
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http://www.theglobeandmail.com/repor...rticle2317307/
Yay?
Slava you might have to reconsider your thread on this subject that you made a while back saying that they should easily be able to balance the budget. Combine this with the pledge made by Harper to cut entitlement spending(about damn time) and Clement saying cuts of up to $8 billion could be made, instead of the $4 billion that he originally said, and we're looking to be in pretty damn good shape.
Interesting note, Paul Martin wanted to restructure OAS back in 1998 but was met with fierce opposition. I guess we'll have to see if Harper gets it done. We can't keep going with what we have. OAS payments will be over $100 billion per year by 2030 with the current rules.