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Ottawa pins recovery on home reno boom

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Swimming in red ink

CP Video - Tuesday, January 27, 2009 at 5:33 EST

The Conservative government dove for economic and political cover Tuesday with a federal budget that submerges Canada in a sea of red ink after more than a decade of clear fiscal sailing

From Wednesday's Globe and Mail

One of the showpieces of Tuesday's budget is a new home-renovation credit program, which comes with an estimated price tag of $2.5-billion over the next fiscal year and is aimed at supporting the faltering housing market.

While the government had already signalled its intention to focus on housing, the depth of its commitment was a surprise, said Douglas Porter, deputy chief economist at BMO Nesbitt Burns.

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