Federal Government Posts $9.8-Billion Deficit for April-to-August Period

The federal government’s deficit was $9.8 billion for the April-to-August period. The Finance Department’s latest fiscal monitor says the result compared with a deficit of $4.3 billion during the same period a year earlier. Revenue for the period rose by $16.7 billion or 9.3 percent compared with a year earlier due to increases in all major categories. Program expenses excluding net actuarial losses rose by $17.9 billion or 11 percent, as Ottawa spent more on direct program expenses, major transfers to persons, and major transfers to provinces, territories and municipalities. Public debt charges were up by $4.4 billion or 23.1 percent, mostly due to higher interest on marketable bonds and treasury bills....