Finance Minister Joe Oliver will announce legislation on Wednesday committing the government — or any future government — to keeping a balanced budget, except under “extraordinary circumstances.”
The only “acceptable deficit,” a government source said Tuesday, would be in the event of a recession or during a war or natural disaster with costs exceeding $3 billion in a fiscal year.
NEW DELHI: The S&P BSE Sensex has managed to log its best week post a Budget in more than 10 years. The 30-share index of India's blue chip stocks logged an impressive 1,646-point rally since Monday. The market continued its winning streak, giving positive returns in the first week after the Union Budget for the third consecutive year. This week's tally surpasses the previous best of 1,492 points weekly gain after Union Budget 2011 (See Chart). Finance Minister Arun Jaitley on Monday presented his third Budget to the nation , which was seen by experts as a balanced one.
On Friday, a day after the federal budget was unveiled, the National Post’s John Ivison talked to Jim Flaherty, who was making a speech in Vancouver on his way to Hong Kong. The Finance Minister spoke about his future; about the prospect of forcing workfare on First Nations reserves; and about the new Canada Job Grant, which will see Ottawa grab money for skills training back from the provinces:
OTTAWA — Federal party leaders engaged in heavy crossfire on the campaign trial Tuesday with clashing visions of how to balance the country’s books and grow the economy.
Daylight emerged between NDP Leader Tom Mulcair and Liberal Leader Justin Trudeau in their respective approaches to deficits and growth. Stephen Harper simply derided the two “other guys” as promoting destructive policies that would hurt the economy if they ever replaced him as prime minister.
Jim Flaherty lowered his outlook for this year’s deficit to $16.6-billion from the $17.9-billion estimate in his November fiscal update. For 2014-15, the shortfall forecast has been lowered to $2.9-billion from $5.5-billion. At the same time, the minister has raised his surplus target for 2015-16 to $6.4-billion from $3.7-billion. In the coming years, that surplus is projected to grow steadily before reaching $10.3-billion in 2018-19, the government’s current forecast horizon. “It’s been a long road back from the Great Recession to a balanced budget,” he said.
NDP Leader Adrian Dix would recycle the Pacific Carbon Trust if a New Democrat government is elected on May 14.
Dix made the environmental announcement in a Kamloops park, in the same riding where Liberal Environment Minister Terry Lake is seeking re-election.
The NDP Leader says he would dissolve the Carbon Trust and use some of the carbon tax revenue to fund transit or other green initiatives.