The federal government posted a $3.3 billion deficit in the first three months of its fiscal year.
The result for the April-to-June period compared with a $2.9 billion deficit for the same stretch last year.
Revenues increased $3.5 billion or 2.9 percent from the prior year, largely due to increases in customs import duties related to Canada’s counter-tariffs on American goods, along with higher corporate and personal income tax revenues.
The Finance Department says program expenses excluding net actuarial losses rose $5 billion, or 4.6 percent.
Public debt charges decreased $100 million, or 0.6 percent, as the impact of lower interest rates on treasury bills was largely offset by higher average effective rates on an increased stock of marketable bonds….