Alberta’s second-quarter budget update forecasts a $6.4-billion deficit, an increase of $1.2 billion from previous estimates, largely due to declining oil prices and a 30% drop in natural resource revenue. Finance Minister Nate Horner highlighted challenges like population growth and high unemployment while noting record oil production and increased federal transfers. The province’s spending has risen to $79 billion, and despite future deficits, education and healthcare remain priorities. Criticism from the NDP shadow finance minister underscores concerns about the benefits of GDP growth amidst rising costs.
