In September, the government put out a fiscal projection, and we think we are still on track. Under those projections, the current year's deficit of roughly $56 billion is projected to fall to $27 billion by 2011-12. That reflects a resumption of economic growth and also assumes that the plan winds down as is currently planned. In subsequent years, with ongoing growth in the economy, the deficit falls to about $5 billion by 2014-15. The government has indicated a general approach to dealing with that deficit, if required, that is focused on controlling spending in the first instance.
On December 8th, 2009. See this statement in context.