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OTTAWA — An analysis by one of Canada’s biggest banks says the federal government is on track to run $150 billion in budgetary deficits over the next five years.

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Philip Cross: Total borrowing in Canada across all categories increased by $77.9 billion last year, more than the $71.6 billion additional load we took on during the 2009 recession.

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The TD Bank report also estimates Ottawa’s current fiscal path means it will take more than a decade to bring the budget back into balance — unless the government raises taxes or cuts spending.

The bank says it produced the numbers after re-calculating Ottawa’s predicted shortfalls to account for the Liberal government’s electoral spending vows and TD’s below-consensus outlook for economic growth.

The Liberals are projecting a shortfall of at least $18.4 billion next year — a deficit that’s widely expected to climb closer to $30 billion in the March 22 budget.