Finance Minister Jim Flaherty listens to a reporter's question as he speaks to the media at Parliament Hill in Ottawa on May 25, 2011. (ANDRE FORGET/QMI Agency)

The federal government will introduce its budget on June 6, a well-placed source said Wednesday, and the plan will likely show the deficit being eliminated within four years.

Finance Minister Jim Flaherty is expected to formally announce the budget date at a news conference scheduled for 11 a.m. (1500 GMT)  Wednesday.

The Conservatives won a majority of seats in Parliament in the May 2 election after five years of governing with a minority, so the budget is guaranteed to pass.

Flaherty has said the budget will be largely the same as the one the Conservatives presented in March, with some minor tweaks to account for revised fiscal and economic forecasts.

That original budget projected a return to surplus as of 2015-16 by withdrawing extraordinary fiscal stimulus and curbing the pace of growth in spending.

But during the election campaign, the government promised more aggressive spending restraint to balance the books a year earlier, in 2014-15.

Prime Minister Stephen Harper’s Conservatives may also include other election promises such as an end to political party subsidies and compensation to the province of Quebec for harmonizing its sales tax with that levied by the federal government.

The Toronto Star reported the budget will include a proposal to scrap the $2-a-vote annual subsidy for political parties, a controversial move that could create serious financial problems for the battered Liberal Party and others that fared poorly in the polls.

Flaherty spokesman Chisholm Pothier would not confirm whether that initiative would be in the budget but did say the government would act “fairly quickly” to end the subsidy.

Parliament is set to resume on June 2 and the government will lay out its broad policy agenda on June 3.

(Reporting by Louise Egan; editing by Peter Galloway)