In Ottawa, Finance Minister Bill Morneau speaks with reporters about the federal government's July 8, 2020, economic snapshot. The government is projecting a $343-billion deficit this fiscal year, due largely to the federal economic measures that have been put in place in response to the ongoing COVID-19 pandemic. The Liberal government has postponed the release of its federal budget and has opted not to present a more detailed fiscal update due to the economic uncertainty caused by the coronavirus pandemic. The economic snapshot focuses on short-term forecasts for the upcoming months.
