Federal deficit shrinking

The latest accounting from ottawa shows the federal deficit is shrinking at a faster rate than expected.

November’s shortfall was $1.9 billion, well shy of the $4.5 billion of red ink penned during the same month last year.

For the first eight months of the fiscal period, Ottawa’s deficit stands at $17.3 billion, compared to $26 billion for the same period in 2010.

In November, Ottawa said its revenues were down slightly, but expenses fell sharply partly due to the windup of stimulus projects.