The Globe and Mail reports in its Saturday edition that the federal deficit totalled $25.5-billion over the first 11 months of the fiscal year, the Department of Finance said Friday, indicating a smaller deficit than Ottawa projected in November. The Globe's Bill Curry writes that Finance Minister François-Philippe Champagne's fall budget had projected a deficit of $78.3-billion for the 2025-26 fiscal year. The minister will release a spring economic statement Tuesday. The government typically posts large one-month deficits in March, the final month of the fiscal year. For instance, last March, Ottawa posted a $23.9-billion deficit. However, even a repeat of a deficit of that size for this March would mean Ottawa is well within its budgeted deficit forecast. The question private-sector economists raise is whether the Liberals will use that room for new spending. Scotiabank economist Rebekah Young told The Globe that while federal revenues are higher than projected in November, she expects new and recent spending announcements will use up most of that room. "They'll land closer to $78-billion than they will to the $25-billion," Ms. Young said. "I suspect March had a bit of March Madness and stuff went out the door."