Feds post whopping $12 billion budget surplus
And it's a lot larger than the $8-billion surplus forecast by Conservative Finance Minister Jim Flaherty in his first federal budget delivered on May 2.
And what do they plan to do with the surplus why pay down the debt....which will be a drop in the bucket. Better to spend it, err invest it on social programs.
The rest of the surplus -- just over $8 billion -- will be spent on reducing Canada's $490-billion debt.
And our National Deficit is now all but non existent. So there is no excuse for not investing in social programs oh say like a real national daycare program. But knowing our Republican friends in Ottawa they will spend it on more guns for the Army.
After taking into account C$5.0 billion of costs incurred by personal income tax reductions, overall budgetary revenues for the year were up C$7.2 billion, or 3.6 percent.
Expenditures rose by C$4.3 billion, or 2.8 percent, mainly due to higher defense spending.
The budget deficit for March 2006 was C$1.05 billion, down from the C$9.9 billion deficit recorded in March 2005. The year-ago deficit was particularly large because it reflected a one-time C$7.2 billion transfer from Ottawa to the provinces to help cover health-care costs.
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