Flaherty says can't rule out '09 deficit

Fri Oct 24, 2008 1:47pm EDT
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NIAGARA FALLS, Ontario (Reuters) - Finance Minister Jim Flaherty said on Friday that Canadians are in for "rough times" and that he was unable to rule out a federal budget deficit next year because of the global economic uncertainty.

Flaherty reiterated that Canada is on track to maintain a modest budget surplus this fiscal year, though he noted that some provinces may run deficits because of their own circumstances.

(Reporting by Frank Pingue, writing by Richard Valdmanis; Editing by Peter Galloway)