LONDON, Ont. - Finance Minister Jim Flaherty began his cross-country budget sales pitch today, reminding his audience of how deep the world's financial crisis was.
Speaking in London, Ont., Flaherty said his Conservative government had no choice but to go massively into deficit.
However, he says, Thursday's budget outlined the steps the government is taking to get the books balanced again.
Cuts to defence spending, the foreign service and the civil service, along with an end to stimulus spending will do the trick, he says.
He says the deficit, predicted now at $49.5 billion for the coming year, will be cut in half by March 2011.
The budget will then be balanced in the medium term by restraining program spending.
