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Federal deficit may come in lower than expected

Improvements in the economy are helping to lower the federal deficit estimate but it seems that Canada’s fiscal problems are far from over.

Budget watchdog Kevin Page says he believes the federal deficit will come in below $40-billion this year.

That is at least $5-billion lower than Finance Minister Jim Flaherty had estimated.

Page says the lower number is due to improvements in the economy but he is critical of the government in other areas.

He says Canada’s fiscal problems will last longer due to the impact of an aging population on revenues and spending.   

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