Ottawa did end last year in the red with official tally showing Liberals inheriting $2-billion deficit

, International

It's now official: The new Liberal government did indeed inherit a budget deficit from the Conservative Party — that calculation coming from the Finance Department itself.

OTTAWA — It’s official, at least for now: The new Liberal government did indeed inherit a budget deficit — just a small one — from the Conservative Party.

Both Prime Minister Justin Trudeau and Finance Minister Bill Morneau have argued that Stephen Harper’s Tory government over-estimated the amount of money that would be flowing into Ottawa’s coffers in the last fiscal year, providing a tiny surplus.

According to the Finance Department’s initial reading of fiscal 2015-16 — which ended on March 31 — the country actually finished the year in the red, by nearly $2 billion.

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