Ont. budget March 25 to include timetable to eliminate $24.7-billion deficit

Finance Minister Dwight Duncan will include a timetable for eliminating Ontario’s record $24.7-billion deficit in the March 25 budget.

The government today confirmed the budget will be held on the last Thursday of the month.

Unlike the recent federal budget, which showed a small deficit after five years, Ontario is required by law to spell out exactly how long it will take to eliminate the red ink.

At least one economist says it would be a major achievement if Ontario could eliminate its huge deficit in five to seven years.

Duncan has already said it will take longer than five years to get back to balanced budgets.

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