Federal deficit shrinks to 17B in October from 21B last year

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 % or $1.1-billion.Public debt charges were down 1.5% 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.The Canadian Press read more