March 21, 2007
FOR IMMEDIATE RELEASE

Budget 2007 Highlights

Ottawa – Finance Minister Jim Flaherty’s 2007 budget is designed to prepare the way for a possible election in the spring. Flaherty announced $7.4 billion in new spending for next year as well as $3 billion for debt reduction. Three billion of the new spending was in tax reductions and $4.4 billion in new program spending. While this year’s total spending in absolute dollars will reach a record high, the percentage of federal spending compared to Gross Domestic Production will actually decline, from 13.7% in 2004-05 to 13.2% in 2008-09.

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