02/11/2014 04:12 EST | Updated 04/13/2014 05:59 EDT

Canadian Press NewsAlert: Flaherty's 'boring' budget all but balanced

OTTAWA - Finance Minister Jim Flaherty's self-described "boring" budget is nearly balanced — a $2.9-billion deficit with a $3-billion contingency fund — and devoid of significant new money, but loaded with low-cost promises ahead of an election in 2015.

The plan includes new spending of just $700 million compared with nearly $2 billion in cuts, and warns of coming plans to rein in the cost of compensating public servants.

It delays $3.1 billion in planned military spending, increases taxes on tobacco products, offers modest help to the families of veterans, and includes measures to improve infrastructure, extend rural Internet access and shore up Parks Canada facilities.

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