Not exact matches
Republicans in the U.S. House of Representatives forged ahead on Tuesday with legislation to reshape the
federal tax code, while a top credit - ratings agency said the bill would balloon the budget
deficit and give only a
temporary boost to the economy.
With the onset of the 2008 - 09 recession and the subsequent G20 agreement for countries to introduce
temporary stimulus spending equivalent to 2 percent of GDP, the
federal deficit ballooned to $ 55.6 billion in 2009 - 10; $ 33.0 billion in 2010 - 11; $ 26.3 in 2011 - 12; $ 18.4 billion in 2012 - 13 and $ 5.2 billion in 2013.14.
However, the Liberal platform also envisaged
temporary deficits to finance higher spending on social programs such as child benefits, a higher Guaranteed Income Supplement for single seniors, public health care, child care and First Nations programs, and did not increase overall
federal tax revenues.
Albany faces even larger
deficits in the next two fiscal years, after the expiration of a
temporary tax increase on the wealthy in the coming year and the end of
federal stimulus financing in the following year.