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Deeper deficit preventable says former chief economist

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The road to Canada's economic recovery is now a little longer.

Finance Minister Jim Flaherty says the national deficit now sits at $26 billion, up $5 billion from his estimate in March.

That means Canada likely won't see a surplus until at least 2016, and it's the second time in two years the federal government has had to push back it's goal of getting back in the black.

But David Bond, a former chief economist at HSBC, says there were ways to prevent this and the Harper government's decision to reduce the GST was a mistake.
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