According to a report of Ontario’s Financial Accountability Office (FAO), Ontario’s deficit spiked. The office is projecting the deficit to more than triple, from $3.7 billion to $12.3 billion by the spring.
The spike is caused by extra spending in the Liberal budget that the Ford government inherited, largely in the areas of child care and health care, while at the same time the province did not sufficiently reduce spending in other areas or raise taxes to cover the added costs.
Without raising any taxes, the current government would have to cut spending by about $850 per Ontarian to balance the budget by 2023, the auditor general’s report concluded.
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