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Canada Marks First Federal Deficit in a Decade

From August 29, 2008

Harper's Conservatives were ushered into power on promises of government accountability and responsibility, yet they repeatedly break both promises. On fiscal responsibility, one statistic makes this particularly clear: the federal finance department reported that the government ran a deficit of approximately $500 million in the first two months of fiscal year 2008, as spending outpaced revenues.

For the first time since 1997 Canada is running a federal deficit. And over the last few months it has likely gotten worse. But the uncertainty should be cleared up soon - according to Finance Minister Flaherty, an updated economic and fiscal statement is due in October... some time after Harper's chosen election day.

Some coincidence.