Ontario budget to be unveiled Thursday

TORONTO, Ont. – The McGuinty government will unveil its budget Thursday, but it’s already been given a rosy glow by Finance Minister Dwight Duncan.

It’s expected to be a stay-the-course budget, without any real surprises, such as provincial asset sales to pay down the deficit, tax cuts or new tax hikes, other than the harmonized sales tax that takes effect on July 1.

Duncan said the provincial deficit will be about $3-billion lower than he forecasted in the fall because the economy has improved, taking government revenues up with it. But, the deficit will still be at a record $21.3-billion.

The budget is also expected to lay out a deficit reduction plan that may take seven or eight years to balance the books.

It is expected to provide funding for more college and university spaces, health and child care, and to keep the stimulus money flowing.

Duncan said the government will protect its investments in health care and education as it moves to slow the growth in annual spending.

However, the Progressive Conservatives said the fact there have been five deficit figures in the past year is a sign of incompetence.

The New Democrats said the Liberals inflated the deficit projection last fall to make themselves look good in the budget.

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680News’ senior business editor Mike Eppel and political specialist John Stall will have in-depth details of the budget starting at 4 p.m. ET.

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