Ottawa: The federal government posted a $3.9 billion deficit for the first two months of the fiscal year, compared to a $1.5 billion surplus in the same period last year.
Revenues went up by $6.5 billion (8.9%) due to higher taxes, but program expenses rose by $10 billion (15.9%). Public debt charges increased by $2.3 billion (33.8%) because of higher interest rates. Net actuarial losses decreased by $0.4 billion (23.2%).