Today, the Federal Government sketched out how it plans to eventually return to surplus in its 2010 budget, by identifying $17.6-billion in savings over the next five years through cut backs in the public service, and limited spending growth in the military and foreign aid. The budget reflects the smallest spending increase in a decade.
Here are a few highlights from Budget 2010:
• $17.6 billion in cuts/savings over five years - Includes cuts to National Defence (2.5 billion); Foreign Aid (4.5 billion); and the public service (6.8 billion)
• $19 billion in new stimulus money
- Includes $3.2 billion in income tax cuts
- $4 billion to Employment Insurance (so more people qualify and for longer periods)
• $7.7 billion on infrastructure projects across Canada
The government’s news release on Budget 2010 can be viewed here: http://www.budget.gc.ca/2010/nrc-eng.html