Quebec Finance Minister Monique Jerome-Forget (centre) acknowledges applause as she unveils her budget at the National Assembly in Quebec City Thursday. Photograph by: Mathieu Belanger, Reuters
Quebec Budget Predicts 4 Years Of Deficits -- CBC
Tax and user-fee increases part of plan to get province out of the red.
The Quebec Liberal government on Thursday tabled a budget with a $3.9-billion deficit, suspending its own balanced-budget law in an attempt to protect the province's economy from slipping too far into a recession.
Finance Minister Monique Jérôme-Forget presented a $66-billion budget for 2009-2010, adding Quebec to the growing list of provinces that are borrowing money to pay for basic services and economic stimulus measures.
Quebec's deficit, the first in a decade, represents 1.3 per cent of the province's gross domestic product.
Quebec will not only post a deficit this year, but likely for three more years, said the finance minister.
The deficits are expected to add $12 billion to the province's already heavy load of debt.
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More News On Quebec's Budget
Quebec budget: $7.7 bn deficit over two years -- CTV
We'll soon be paying the price -- Montreal Gazette
QST rises to 8.5% in 2011 -- Montreal Gazette
User fees to go up in 2011 -- Montreal Gazette
A deficit in Quebec -- Globe And Mail
Wondering what the Quebec budget holds for you? -- CTV