OTTAWA — Prime Minister Justin Trudeau is promising to deliver a “snapshot” of the federal government’s finances in the House of Commons July 8.
The Liberals were supposed to present a full budget for 2020 in March but postponed it indefinitely when the COVID-19 pandemic struck.
Trudeau has said uncertainty from the pandemic makes meaningful forecasts impossible.
Prime Minister says this fiscal "snapshot" will not be a normal economic update. He says a full fiscal update provides forecasts for years ahead. Trudeau says that is still unrealistic. But this snapshot will show where we are now, and estimates on months ahead #cdnpoli #COVID19
— Cormac Mac Sweeney (@cmaconthehill) June 17, 2020
Revenues have plunged and expenses have soared as millions of workers stopped earning incomes as their workplaces shut down, and started collecting benefits instead.
Trudeau says the situation demanded the biggest government response in our lifetimes.
That’s sent estimates of the federal deficit into orbit, to $250 billion or more.
This report by The Canadian Press was first published June 17, 2020.
The Canadian Press