The Canadian Conservative Party is presenting a deficit budget of $40 billion, which is the highest since 1993.

According to Finance Minister Jim Flaherty, the deficit budget in the next year is a preventive measure against the global economic crisis.

The budget deficit is $10 billion more than the projected budget by the Prime Minister Stephen Harper in late 2008 during an interview on CTV.

"We'll take big, comprehensive actions. We'll assume that we're probably going to have to look at a period of three to five years of such actions," said Harper. He also commented that economic recovery can happen earlier and might not even take the time he had specified earlier. He has also urged the opposition parties to collaborate and support the Conservative Govt. in recovering from the economic crisis.

The Harper Govt. is expected to present a budget on 27 January. It is also expected that this would be the first time in 12 years when the budget would be in deficit.