Wednesday, April 20, 2011

Not only does the NL Budget not pay down the dept, we will add almost $460 million to it

Newfoundland spends surplus on election budget that will add debt

Thanks to Brian (follow on Twitter: @bkidney) for this eye opening article:


Newfoundland and Labrador is awash in cash from oil and mining profits, but a big-spending election budget will increase net debt as future deficits are forecast.

Surprise spikes in offshore oil production and mineral shipments turned an expected deficit into a whopping $485-million surplus last year.


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