Canada says to run big budget deficit in 2009-10

Tue Jan 6, 2009 5:36pm EST
 
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OTTAWA (Reuters) - Canada will run a significant budget deficit in the 2009-10 fiscal year, in part because of the stimulus measures it plans to take, Finance Minister Jim Flaherty said on Tuesday.

Flaherty -- who said earlier in the day that the economy was continuing to worsen -- also told the Canadian Broadcasting Corp that the budget for 2009-10 would be in deficit before any stimulus measures were taken.

In a much-derided fiscal update delivered late last November, he had originally said the budget for the next four years would be balanced before stimulus measures were taken into account.

(Reporting by David Ljunggren; editing by Peter Galloway)

 
<p>Canadian Finance Minister Jim Flaherty speaks with the media in Montreal, January 6, 2009. REUTERS/Christinne Muschi</p>