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Avery Shenfeld, chief economist at CIBC World Markets, said “you have to be a little cautious about comparing a short number of months to a short number of months. The timing of when you make major purchases, and when tax revenues come in can shift a bit from year to year.

“Nevertheless, there’s lots of reasons to believe they’re positioned well to meet their targets for deficit reduction.”

Ottawa finished fiscal 2011-12, which ended March 31, with a $23.5-billion deficit, and it expects a shortfall of $21.1-billion for 2012-13.

In its March budget, the government projected the 2013-14 deficit at $10.2 billion, falling to $1.3 billion the following year.

The government expects to return to a surplus, of about $3.4-billion, in 2015-16 and see that increase to $7.8-billion a year later.

To balance the books, Ottawa is cutting programs and reducing the public service, while relying on economic growth — though tepid — to do the rest. The plans call for $5.2-billion in spending cuts and the elimination of 19,200 jobs over three years.

Those austerity measures have come under fire by organizations that say the cuts will lead to many more jobs losses than thought and pose a threat to economic growth.

The Canadian Centre of Policy Alternatives has calculated that more than 68,000 public sectors positions could be lost by 2015-16. As well, two of the world’s biggest rating agencies — Moody’s and Fitch — have warned the measures were unnecessary, and that cuts made too quickly and too deeply will actually hurt the economy.