Duncan: deficit falling faster than expected

The Ontario government says it is $3.3 billion ahead this year in eliminating the deficit — putting the government two years ahead in its plan to balance the books.

However Ontario finance minister Dwight Duncan warns the global economy is still very unstable.

“We’re watching the U.S. economy very closely and our most prudent budget assumptions indicate that without further action the deficit will track to about $14.8 (billion) this year. Obviously we’ll update those numbers at the time of the fall statement.”

This is the third consecutive year the province has beaten its fiscal projections. At its peak the deficit was $24.7 billion in 2009-2010.

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