The federal government's budget deficit for the current fiscal year will top a record $50 billion, Finance Minister Jim Flaherty said Tuesday.
Flaherty's statement came just one day after he said the deficit for the fiscal year that started April 1 would be larger than was predicted in his January budget. At that time, Flaherty said he expected a deficit of $33.7 billion for the 2009-10 fiscal year.
Flaherty said Monday that weak tax revenue and higher government expenses stemming from the economic downturn will lead to the bigger deficit.
Speaking to reporters following the finance ministers' meeting Monday at Meech Lake, Que., Flaherty said he would provide more details when he briefs the House of Commons in June.
