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The Ontario Tories announced they’ve slashed the once projected $15 billion deficit for 2018 in half.

Finance Minister Rod Phillips and Treasury Board President Peter Bethlenfalvy credited an outperforming business sector and efficiencies for the new and improved 2018 deficit of $7.4 billion, the second time the Tories have lowered that figure.

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“We came into office with a mandate to put the province’s finances back on track,” Phillips said.

“We are turning Ontario’s finances around while creating a climate for investment and job creation.”

Bethlenfalvy said the government is using the taxpayers dollars more wisely and transparently.

But while the government credited itself with the improved deficit figure, Ontario Liberal Leader John Fraser said the release of the 2019 Public Accounts Friday helps prove that the Ford Tories initially exaggerated the deficit number to justify deep cuts to public services.