Canada’s parliamentary budget officer, Kevin Page , who’s clashed with Prime Minister Stephen Harper over fiscal forecasts and said his office needs more independence, won’t seek an extension of his five-year mandate when it expires in 2013.
Canada will have a budget deficit that persists for five years because of higher spending, the country’s budget officer said, contradicting Finance Minister Jim Flaherty ’s view the shortfall will be eliminated by then.
Opposition lawmakers toppled Canadian Prime Minister Stephen Harper ’s government, triggering an election that may result in an alliance to reverse his corporate tax cuts and overturn plans for more military spending.
Canadian Finance Minister Jim Flaherty should keep prudent projections in his next fiscal plan and resist spending unbudgeted revenue gains until the country has secured efforts to balance the budget, economists said.
Canadian Prime Minister Stephen Harper oversees the fastest growing economy with the lowest deficits among Group of Seven nations, the first to recoup all jobs lost in the recession. Foreign investors rewarded the government with record purchases of Canadian bonds in 2010 and with the G-7’s best performing currency over the past two years.