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Federal deficit shrinks $4 billion

Published by Steve Coleman on November 25, 2011

The hole in the federal government's pocket is smaller now than it was a year ago.

The Globe & Mail says the Conservative government has trimmed the running budget deficit to $13.2-billion deficit at the halfway point of the current fiscal year. A year earlier, the red ink in government books was worth $17.4-billion

Several factors have helped shrink the amount the government is borrowing to keep operations running.

For one, personal income tax revenue rose 7.7 per cent during the first six months of 2011. Corporate tax revenues are up 8.4 per cent.

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