Canada to add to record deficit in pandemic recovery attempt

Canian Prime Minister Justin Trudeau’s government vowed Monday to spend billions more to help country recover from pandemic.

Deputy Prime Minister and Finance Minister Chrystia Freeland said country is facing its most severe challenge since World War II, worst ecomic shock since Great Depression and worse health crisis since Spanish flu over a century ago.

cost to date has federal deficit reaching a record $381.6 billion Canian (US$294 billion) this year, but government said it could close in on $400 billion Canian (US$308 billion) if widespre lockdowns return in coming weeks. Toronto, Cana’s largest city, is on lockdown.

government’s fall ecomic update proposes to send extra child-benefit payments to families next year. government is proposing $25 billion Canian (US$19 billion) in new spending. Freeland said Cana entered pandemic in strongest fiscal position of any G7 country.

“We can afford investment,” Freeland in Parliament. “Federal debt servicing costs relative to size of our ecomy remain at a 100-year low and we are locking in those low costs.”

government wants to bring w subsidy back to 75% of business payroll costs. Businesses who have seen a 30% percent decrease in revenue have been eligible in past. government will also extend a business rent subsidy to mid-March.

Freeland said measures will be removed once ecomy improves, although timing is tied to path of pandemic.

Freeland said Cana has recovered 80% of 3 million jobs lost at outset of pandemic in Cana.

“Compare to that United States which has recovered just over half,” Freeland said.

But Trudeau has come under criticism from opposition parties this month for saying Canians won’t be among first to vaccine. He said Cana will have to wait for a vaccine because first ones are likely to be given to citizens of countries y are me in. He ted United States, United Kingdom and Germany have mass vaccine-production facilities but Cana does t.

Freeland didn't mention when Cana will get its first doses but said re will be eventually be plenty for Canians.

“Cana has most expansive portfolio of vaccines in world. Ten doses for every Canian,” Freeland said.

Opposition Conservative leer Erin O'Toole said Canians want details on when y will get a vaccine and how it will be distributed.

“Where is plan?” O'Toole said