Deficit spending

Canada reports $25.7 billion budgetary deficit

The federal government of Canada has reported a budgetary deficit of $25.7 billion as of the end of January for the current fiscal year, marking a significant increase from the previous year. The fiscal monitor provides insight into the government’s adherence to fiscal guardrails and reveals a notable increase in government revenues, but also a surge in program expenses and public debt charges.

Former financial secretary urges Hong Kong to seek alternative revenue sources

Former financial secretary John Tsang Chun-wah has urged the government of Hong Kong to seek alternative revenue sources to cover government spending, cautioning that the city has entered an era of structural fiscal deficits. Tsang criticized the revenue-boosting measures from the recent budget, highlighting that they were expected to generate only about HK$2 billion, falling far short of the required tens of billions to achieve fiscal balance.