Ontario Deficit Is Worsening as Cooling Economy Hits Revenue

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(Bloomberg) -- Ontario’s budget deficit is set to widen as the highest interest rates in decades and slower growth hurt the finances of the province that is ...

-- Ontario’s budget deficit is set to widen as the highest interest rates in decades and slower growth hurt the finances of the province that is Canada’s economic powerhouse.S&P 500 Set for Biggest Gain Since May Before Jobs: Markets WrapThe provincial government’s budget shortfall is now expected to be C$5.6 billion for the fiscal year ending March 31, 2024, compared with a prior forecast for a C$1.3 billion deficit, according to its fall economic statement.

The government expects to spend C$13.4 billion on debt interest during the current fiscal year, up C$1 billion or 8% from last year. Gaming giant Bally's paid Donald Trump’s company $60 million to buy the right to operate a public golf course in New York City, the former president's namesake son testified Thursday. The terms of the lease transfer on the former Trump Golf Links Ferry Point hadn't been disclosed when the deal became public earlier this year. Trump Jr. said the sales price was $60 million but the Trump Organization had incurred “a lot of costs” over the years, so he wasn't sure of the net profit.

The MSNBC anchor couldn’t believe an Instagram post from the GOP senator after clashing with the Department of Homeland Security secretary.Rated lowest margin fees by StockBrokers.com. Borrow against your securities at low cost. Rates subject to change. Your capital is at risk.Melania Appears Alongside Donald for First Time in Months at Halloween Bash

 

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Higher interest rates, cooling economy will strain provincial budgets: RBC economistMost of Canada’s provinces emerged from the pandemic with less debt and more revenue than expected, but the tailwinds they’ve seen in the last two years are about to shift, according to an RBC economist.
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