New numbers released Friday show the federal government ran a deficit of $2.8 billion over the first four months of 2016-17 — dropping Ottawa's fiscal position $8 billion lower than it was over the same period a year ago. By comparison, Ottawa had a $5.2-billion surplus during the same April-to-July stretch last year, according to the Finance Department's monthly fiscal monitor. This year in July alone, the report said the government books showed a deficit of $1.8 billion — down from a $200-million surplus a year earlier. The July data included a $1.4-billion increase in program expenses, an $800-million decline in revenues and a $200-million decrease in public-debt charges. Between April and July, the numbers show federal revenues were $2.3 billion lower compared with last year, while program expenses were $6.5 billion higher.

Source: CBC News September 30, 2016 18:45 UTC