A fiscal ‘snapshot’ from the Trudeau government estimates the federal deficit for the 2020-21 fiscal year will be $343.2-billion.

Finance Minister Bill Morneau presented the update Wednesday afternoon saying it’s expected the¬†economy will contract by 6.8% in 2020 as a whole because of COVID-19, its sharpest drop since the Great Depression.

Morneau says providing support like the Canada Emergency Relief Benefit and the Canada Emergency Wage Subsidy has led to Ottawa spending $236-billion to date to address COVID-19.

Morneau, however, does say there’s a projection of a 5.5% rebound in 2021.

He says they are projecting that by the end of the 2020-21 fiscal year next March, $469 billion more will be spent that what was projected in spending targets set in December 2019.

The rising¬†deficit has pushed the federal government’s total debt level to more than $1-trillion, a record-setting number in the country.

Morneau says he expects to deliver an economic update or a budget in the fall.