OTTAWA — The federal government ran a deficit of $120.4 billion during the first three months of its 2020-2021 fiscal year as the treasury pumped out aid to cushion the impact of the COVID-19 pandemic. This result compared with a deficit of $85 million for the same period in the 2019-2020 fiscal year.
Federal deficit hits $120 billion through June
In its monthly fiscal monitor, the Finance Department says program expenses for the three-month period of April to June hit almost $167.9 billion, an increase of about $90.3 billion from the same period a year earlier.
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Liberal projections indicate a historic deficit of $343.2 billion for this fiscal year.
Federal deficit at $120 billion through June
Federal deficit at $120 billion through June
