Prime Minister Harper told reporters in Quebec City today that "Revenue is somewhat down in recent months because of the recent slowing of the global economy." But the Department of Finance Fiscal Monitor reports that in the first five months of the fiscal 2012-13 fiscal year (April to August 2012) "revenues were up $3.4 billion, or 3.4 per cent, reflecting higher income tax revenues, excise taxes  and duties, and Employment Insurance (EI) premium revenues."

Unlike Jim Flaherty, the Prime Minister apparently still believes 'balanced budgets are an end in themselves.' But Mr. Harper doesn't have a revenue problem, he has a spending problem.