The phrase "to eliminate the deficit" means to get rid of or reduce the amount of money a government owes. It is about spending less and possibly increasing revenue to balance the budget and avoid borrowing more money. Full definition
It is certainly clear by now that the government no longer intends to fulfill its budget promise of eliminating the deficit by 2019 - 20. (3dpolicy.ca)
Will the government be able to eliminate the deficit in 2015 - 16, without more spending cuts? (3dpolicy.ca)
These changes alone would not prevent the government from eliminating the deficit over the medium term. (3dpolicy.ca)