By Vittorio Hernandez

Parliamentary Budget Officer Kevin Page, alarmed by the growing debt of federal and provincial governments, is urging Ottawa and the provinces to cooperate in addressing the fiscal problem.

Page says five-year budget forecasts are no longer sufficient to address the financial crisis faced by Canadian governments.

Instead of focusing on short-term solutions to the problem caused by the 2008 global financial crisis, Page says national and local leaders must also focus on long-term solutions to address the higher debt burden caused by stimulus spending and higher government debt.

He claims that Canada lacks a sustainable fiscal structure.

He also pushes for Ottawa to address the country's aging population, as the number of Canadians aged 65 and above are expected to exceed those in the working age group of 15 to 64.

Last week, Page warned that the government might not meet its goal to return to balanced books by 2014-15.

He based his outlook on private sector forecasts that Canada's economy would worsen amid high prospects of weak growth and global recession.


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World - Budget Officer Urges Cooperation Against Rising Canadian Debt Problem | Global Viewpoint