Briefly:

(November 28, 2008) The federal government has posted a budget deficit of $400 million for the month of September, compared to the $11-million surplus recorded in September 2007. Revenues have fallen by $100 million, or 0.6%, on a year-over-year basis, largely due to the lower GST rate.

The falling revenues did little to curb government spending, however, as program expenses rose by $400 million, or 2.6%, over spending in 2007. Falling debt levels resulted in savings of $200 million, compared to September 2007.

For the first half of fiscal 2008-09, the feds recorded a surplus of $800 million, down from $6.6 billion for the first half of the previous fiscal year. Revenues rose by $600 million, but program spending was up by $6.8 billion.

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CSA extends ABCP comment period

(November 28, 2008) The Canadian Securities Administrators (CSA) has extended the public comment period for its consultation paper outlining proposals governing the non-bank-sponsored asset-backed commercial paper (ABCP) market.

The comment period was initially set to close on December 20, 2008, but has been extended to February 16, 2009.

The consultation paper, entitled Securities Regulatory Proposals Stemming from the 2007-08 Credit Market Turmoil and its Effect on the ABCP Market in Canada, was published on October 6, 2008, and is available on the websites of various CSA members.

(11/28/08)

Staff

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