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The number one, immutable rule of deficit spending is this: The need to borrow is always greater than you think, the debt always grows faster than expected, spending needs never decrease and no one wants to repay the loan when times get “good,” because times are never good enough to satisfy the public.

And above all: no one controls deficits; deficits control you.

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The federal Liberals are only one week old as a government and are already being forced to face up to the realities of power. The pleasant portrait they painted on the campaign trail, of limited, short-term deficits averaging $10 billion a year for three years, is already in serious doubt. A report issued Tuesday by the Parliamentary Budget Office indicates that, before the Liberals could borrow a single extra cent, the anticipated deficit was likely to be $4.3 billion a year worse than expected over the next four years. It’s based on new revenue estimates that project slower growth for oil prices. The PBO expects the economy to produce $32 billion less income than predicted next year and $43 billion less in 2017.