OTTAWA — The federal government ran a deficit of $2.3 billion in August, according to the Finance Department's monthly fiscal monitor.
The result compares with a deficit of $300 million in the same month last year, and a surplus of $150 million a month earlier, in July.
Revenue increased by $2.8 billion, or 14.6 per cent, for the month compared to August of 2014, while program spending increased by $4.4 billion, or 24.8 per cent.
The increase in spending was due mainly to updated estimates related to pension and other employee and veteran benefit costs.
Public debt charges increased by $500 million, or 23.5 per cent, due in part to charges from a bond buyback.
For the fiscal year that began in April, Ottawa has a surplus of $2.8 billion so far.
That compares with a deficit of $1.1 billion for the same five-month period last year.
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