Flaherty still expected to balance federal budget by 2015-16, new figures show

OTTAWA— The federal government is expecting a hit to its revenues this year due to changing economic circumstances and softening commodity prices, but still expects to balance the books over the “medium term.”

Indeed, economists still believe the government remains on track to eliminate the deficit — estimated at $21.1 billion in the budget — by 2015-16, and possibly a year earlier.

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