In the meantime, the provincial budget deficit is now projected to exceed 400 million dollars. He explains the rise by saying the economic recovery from the 2008 financial debacle never has taken off in New Brunswick and the markets are not supporting any sort of upswing with the provincial pension plan which is carrying a huge deficit.
Higgs has been arguing we have been living beyond our means but acknowledges bringing about change is tough.
The consensus from the pre-budget consultations is a combination of increasing government revenue with tax increases and spending cuts at the same time. Those consultations were dominated at times by presentations from speakers who belongs to the Canadian Union of Public Employees.
