(Bloomberg) -- Canada’s government is forecasting a budget deficit for the current year in excess of C$300 billion ($220 billion), above most estimates, the Globe and Mail reported.
The new deficit projection will be announced in a fiscal update scheduled Wednesday by Finance Minister Bill Morneau. The newspaper cited two unnamed senior government officials. A third official said the government won’t make any new policy announcements tomorrow.
Economists are estimating the federal deficit will be at least C$250 billion for the fiscal year that began April 1.
