The federal government experienced a $6.5 billion deficit during the initial two months of the fiscal year. This financial outcome covers the period from April to May.
This deficit represents a notable increase compared to the $3.8 billion deficit recorded during the same timeframe the previous year.
Government revenues remained relatively stable, increasing by a modest $26 million. This near-unchanged revenue was the result of gains in areas like customs duties and pollution pricing, which were offset by declines in corporate income and goods and services tax revenues.
Program expenses, excluding net actuarial losses, saw a rise of $2.9 billion, equivalent to a four percent increase. Public debt charges also grew, increasing by $400 million, or 3.8 percent. This increase was attributed to a larger volume of marketable bonds and adjustments related to the consumer price index on real return bonds.
7 Comments
Manolo Noriega
Stop with the excuses; failing to control spending is the real issue here. We need a change!
Fuerza
We're in a recovery phase, and deficits can sometimes be a necessary evil during such transitions.
Ongania
The increase in customs duties and pollution pricing indicates that the government is working on new revenue streams.
Manolo Noriega
With rising public debt charges, we are only digging ourselves deeper. When will it end?
Fuerza
Who approves these expenses? We need more transparency and oversight in public spending!
Loubianka
We need to remember that with any economy, fluctuations in deficits are normal. Let's stay positive!
Noir Black
Government spending for vital programs can benefit our society even if it adds to the deficit in the short term.