Finance Minister Joe Oliver, who postponed the federal budget because of the oil-price crunch, announced he will deliver Ottawa’s fiscal and economic blueprint on Tuesday, April 21.
He affirmed the Conservative government would in 2015 eliminate its budget deficit for the first time in years despite the hit on federal tax revenues from falling petroleum prices. The budget "will be balanced, just as we promised," Oliver said.
In the fall, Oliver said the government would run a $1.6-billion surplus this year, but many economists believe the reduced revenues from the oil price slide will force the finance minister to tap into his $3-billion rainy day fund to keep from sliding back into a budget deficit.
He said there is no plan to pump huge stimulus spending into the economy as the Harper government did during the 2008-09 recession. But he said the budget will contain "investments in the future." He declined to provide details.
Prime Minister Stephen Harper has already announced $5 billion a year in new spending and tax cuts aimed at families with children.
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