Watch and Read: Economic Update Reduces Deficit Forecast

Watch and Read: Economic Update Reduces Deficit Forecast

UPDATED October 24, 2017 10:22pmET

Finance Minister Bill Morneau has tabled the fall economic statement in the House of Commons.

Morneau spoke to CPAC’s Peter Van Dusen tonight:

Claiming strong economic growth has bolstered the government’s fiscal position, Ottawa reduced its 2017-18 deficit projection by $8.6 billion, with an $8.8-billion reduction for 2018-19, compared to numbers in the spring budget.

WATCH: Bill Morneau’s News Conference

WATCH: Bill Morneau’s Speech and Reply from MPs

WATCH: Opposition Reaction

Morneau faced several questions from reporters about the absence of a targetr for balancing the budget, including this from CPAC’s Martin Stringer:

The government has promised $7.7 billion in new spending between 2018 and 2023: $5.6 billion to index the Canada Child Benefit to inflation (starting in July 2018), and $2.1 billion to enhance the Working Income Tax Credit.

Here are key highlights:

Here’s how Canada’s fiscal projections have changed in the past two years:

Last year’s fall economic update added $31.8 billion to projected federal deficits over the subsequent five years, pledged the creation of the Canada Infrastructure Bank, and set aside money to attract foreign investment and high-skilled workers.

Two government bills are expected on today’s order paper: C-46 and C-49.

Debate also continues on Bill S-230, which would introduce roadside screening for drug-impaired drivers.

And Justice Minister Jody Wilson-Raybould attends Senate question period. LISTEN LIVE at 3:30pm ET / 12:30pm PT

In committee:

-Andrew Thomson

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