Ontario Faces Likely Election Call over Budget

        11:15 EDT - Ontario, home to roughly 40% of Canada's GDP, faces an election after the opposition New Democratic Party indicated it will not support the spending-oriented budget introduced Thursday by the province's minority Liberal government. That will likely force an election call in the province, and put the fate of the budget into voters' hands, which could increase spending by 2.7% and push the government's deficit to C$12.5B in the FY 2014-15. Ontario's a big borrower in domestic and global debt markets. CIBC says investors will now have the outcome of that vote to judge the province's fiscal direction, but cautions that "rating agencies may decide not to wait for the election result and subsequent budget update." (don.curren@wsj.com; @dbcurren)
        (END) Dow Jones Newswires

        May 02, 2014 11:15 ET (15:15 GMT)