As with many European countries, Canada will be cutting back on spending in order to rein in the federal deficit.
Finance Minister Jim Flaherty did not provide details but said that the government has to scale back spending in order to eliminate the deficit by 2014.
Opposition parties are concerned that 'turning off the taps' too soon could hurt the economy and especially those most in need.
The Canadian economy is relatively strong (especially compared with other Western economies). This is in part due to the strong demand from developing nations for our natural resources.
We won't know the impact of a reduction in spending until Flaherty reveals the details.
Stay tuned.
