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| Great White North |
| Canada seeks to avoid downturn with tax cuts |
| 2009-01-28 |
| Canada's minority Conservative government yesterday unveiled a C$49bn stimulus package of tax cuts and new spending, pushing the federal budget into deficit for the first time since 1996. "We have to do what we have to do to protect Canada from a synchronised global recession," said Jim Flaherty, finance minister, before tabling his annual budget in parliament. While he vowed to balance the books within the next five years, the time-frame envisaged for the stimulus package, Mr Flaherty acknowledged "things could get worse than we're anticipating, and if they do get worse, we'll do more". The budget envisages a C$34bn ($28bn, €21bn, £20bn) deficit for the fiscal year starting on April 1, followed by a C$30bn shortfall in 2010-11. The stimulus measures include C$7bn for infrastructure projects, from roads, railways and water and sewerage systems to a small-craft harbour in an Arctic settlement. Mr Flaherty said the emphasis would be on repairs and renovations to existing facilities to avoid time-consuming environmental assessments. Public-private partnerships would be encouraged. |
| Posted by:Steve White |
| #1 Title should read "CANADA SEEKS TO AVOID AN ELECTION WITH TAX CUTS." |
| Posted by: Canuckistan sniper 2009-01-28 12:56 |