There is more bad news on the deficit front. First Ontario finance minister Dwight Duncan annouced Ontario will be $24.7 billion in the hole this year and now a new report from the Parliamentary Budget Officer projects Canada will be in a $18.9-billion structural deficit by the 2013-2014 fiscal year.

A structural deficit means the government's budget is set up to spend more money than it brings in even if our economy is working at its full potential. In order to slash a structural deficit there needs to be a tax hike or spending cuts.

So far, the Harper government has denied Canada is in a structural deficit. The Agenda did a program on this very topic on September 16th. Check out the full episode.