Flaherty says on track for budget surplus this year

Fri Aug 22, 2008 11:21am EDT
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TORONTO (Reuters) - Finance Minister Jim Flaherty said on Friday the federal government remains on track to record a budget surplus this year.

Canada has recorded 11 budget surpluses in a row and the idea of a deficit would be damaging politically. The federal government has estimated a surplus in 2008-09 of C$2.3 billion, down from the expected surplus of C$10.2 billion for 2007-08.

(Reporting John McCrank, Writing by Frank Pingue; Editing by Peter Galloway)