For scale, Canada’s entire federal deficit came to $36.3bn in the fiscal year ended March 31, 2025, an improvement from $61.9bn a year earlier, the Department of Finance Canada reported in its annual financial report.
Washington’s shortfall for the single month of July ran more than 10 times Ottawa’s full-year gap.
Calendar timing inflated the American number.
Because the month began on a weekend, the US Treasury paid out roughly US$99bn in early benefits, including Supplemental Security Income and Medicare payments, CNBC reported.
Stripping out those and other shifts, Reuters said, the adjusted July deficit came to US$333bn, up US$50bn, or 18 percent, from a year earlier.