TORONTO — Ontario will "sweat" public assets to help the province meet its deficit reduction targets, Finance Minister Charles Sousa says.
Sousa will reintroduce his provincial budget Monday as doubtful rating agencies look over his shoulder, concerned the provincial government will not be able to balance the books as promised by 2017-18.
If the government's credit rating is downgraded, the province would be charged higher interest rates when borrowing money.
"I'm cognizant of those issues; I'm the one expressing them and I'm the one that's also suggesting that we can't put our heads in the sand, that we've got to take corrective measures," Sousa said.
Following a pre-budget speech to the Empire Club of Canada Thursday, Sousa emphasized his government has been aware for some time that revenue projections turned out to be too optimistic.