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Canada Imposes Budget Cuts to Slash Record Deficit

Canada's Conservative government says its federal budget will cut the country's record deficit and move toward near balanced budgets in five years by trimming defense spending, international aid and government operations.

Finance Minister Jim Flaherty announced details of the budget Thursday to mixed reaction.

Opposition Liberal leader Michael Ignatieff and New Democrat Party leader Jack Layton say they will not support the budget, but they also will not trigger an election. Had they voted in favor of an election, it would have been the country's second election in two years and its fourth in five years.

The government reported Thursday that the deficit this year will be a record 53.8 billion Canadian dollars ($52.2 billion). It now also forecasts a 2010-11 deficit of 49.2 billion Canadian dollars.

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Canada's Conservative government says its federal budget will cut the country's record deficit and move toward near balanced budgets in five years by trimming defense spending, international aid and government operations.Finance Minister Jim Flaherty announced details of...
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