Federal deficit could hit $256 billion, PBO says in new report
Discussion posted by: IRWeasel
OTTAWA — The parliamentary budget officer says in a new report that this year’s federal deficit could hit $256 billion due to the COVID-19 pandemic. The result, posted this morning, is the combination of an estimated total of $169 billion in federal spending on emergency aid and a historic drop in economic output. The budget office estimates the economy could shrink by 6.8% in 2020, the weakest showing since 1981 and double the record of 3.2% shrinkage in 1982.