Ontario and Alberta are projecting budget deficits for years to come.
"Some people will say this budget is boring," finance minister Jim Flaherty remarked after unveiling Tuesday's federal budget. A careful look, however, suggests the minister might be understating the future significance of his budget.
After running six consecutive deficits totaling $156.5 billion, Flaherty has been clear that balancing the budget in 2015-16 is his top priority. Budget 2014 reaffirms that commitment.