Ottawa’s October deficit rings in at $2.5 billion

OTTAWA – The federal government ran a deficit of $2.5 billion in October, unchanged from the same month last year.

The monthly fiscal monitor says the federal government’s revenue slipped by $100 million,

It says increased revenue from personal income tax and other sources was offset by lower revenue from corporate taxes and GST.

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Meanwhile, the federal government’s program spending increased by $100 million in October, while public debt charges fell $200 million.

For the fiscal year so far, the deficit stood at $13.2 billion, compared with a deficit of $11.9 billion at the same time last year.

However, excluding the Alberta flood and the government’s sale of General Motors stock, the deficit for the April-to-October period this year would have been $11.1 billion.