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Fiscal ‘snapshot’ to be revealed Wednesday afternoon

We could soon learn what the true economic impact of the COVID-19 pandemic is on our country.

The federal Liberals are to layout this afternoon how they see the virus affecting government finances for the fiscal year including an estimated deficit and a projected path for the economy.

Finance Minister Bill Morneau is to release what the government has styled a fiscal and economic snapshot.

The Liberals have regularly updated MPs about total spending on emergency aid, which by last count amounted to over $174-billion, but have yet to put a figure on the deficit for the fiscal year.

The parliamentary budget office has suggested the deficit could be as deep as $252-billion while other private sector estimates suggest $300-billion wouldn’t be out of the realm of possibility.

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