Ottawa runs $1.7B deficit in October compared with $2.1B deficit a year ago

OTTAWA – The federal government shrank its deficit for October compared with a year ago.

The government is reporting a $1.7-billion deficit in October compared with a deficit of $2.1 billion in the same month a year ago.

The decrease came as revenue for the month was up eight per cent or $1.6 billion, while program spending was up 6.1 per cent or $1.1 billion.

Public debt charges were down 1.5 per cent or about $38 million.

For the first seven months of the government’s fiscal year, the deficit is $10.6 billion.

That compares with a deficit of $13.9 billion at the same point last year.