Federal deficit could hit $256 billion, PBO says in new report

Article Link: https://torontosun.com/news/national/federal-deficit-could-hit-256-billion-pbo-says-in-new-report/wcm/bbec608a-1bdc-440a-a4bd-1e69bd4a6437

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.