The 2007/08 recession knocked many Canadian governments off the sound policy footing of balanced budgets, falling debt levels, and tax relief. After a sustained period of deficit spending, the federal government now seems poised to balance the budget.
federal budget 2014
"Some people will say this budget is boring," finance minister Jim Flaherty remarked after unveiling Tuesday's federal budget. A careful look, however, suggests the minister might be understating the future significance of his budget.
After running six consecutive deficits totaling $156.5 billion, Flaherty has been clear that balancing the budget in 2015-16 is his top priority. Budget 2014 reaffirms that commitment.