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Into the Red We Go
Finance Minister Jim Flaherty released the government’s budget plan today, entitled “Canada’s Economic Action Plan” (a.k.a. “Money Can’t Buy Me Happiness, But Maybe Massive Deficits Will”). While the broad strokes of the budget were all leaked ahead of time—tax cuts, massive infrastructure spending, support for the unemployed, increased regulation of the financial industry, and an $85 billion deficit over five years—a few details from Flaherty’s speech are of interest to Toronto. Specifically, the federal government plans to pump cash into the revitalization of Union Station and augment the Toronto-Ottawa-Montreal rail corridor in order to reduce travel time between Toronto and Montreal by thirty minutes. There was, however, no mention of funding for the TTC’s Transit City plan. Maybe this snub will finally lead to the cage match between Jim Flaherty and David Miller we’ve all been waiting for. Two GTA politicians enter, only one leaves!