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Ontario Budget Will Detail Plans To Eliminate $24.7 Billion Deficit

The province is dealing with a massive deficit and in just over a week, the Finance Mister will unveil exactly how long it’s going to take to pay it off.

The Ontario budget will be held on March 25. On that Thursday, the last in the month, Dwight Duncan said he will include a timetable for eliminating the $24.7 billion shortfall.

He warns it will take longer than five years to return to a balanced budget.

In the throne speech, the Liberals said the government would not put economic recovery at risk by cutting spending too deep or too fast, but would also not spend like there is no deficit.

Unlike the recent federal budget, which showed a small deficit after five years, Ontario is required by law to spell out exactly how long it will take to eliminate the red ink.

With files from The Canadian Press.