Finance Minister Bill Morneau has announced an $18.4 billion dollar deficit for next year.
This is almost five times the $3.9 billion projection three months ago.
Morneau is attributing the larger-than-expected deficit to what he says are previous “band-aid solutions,” and to the situation of the markets.
Morneau says the upcoming Federal budget, to be unveiled in March, will not be a “knee-jerk action,” but will help Canadians enjoy future success.
BC’s Premier isn’t fazed by the news.
That $18-billion dollar figure doesn’t account for the other billions the federal Liberals have promised in spending, including infrastructure in B.C.
Christy Clark says if her government is any example, spending will spark much-needed job creation to rejuvenate the economy.
“In British Columbia, we’re spending about $20-billion on infrastructure. That’s a huge part of job creation. I mean, if you think about just BC Hydro and Site C, that’s 110,000 jobs over 30 years.”
Clark says those projects will, in the end, create the foundation for the economy to grow.