2012 budget deficit cut in half: Howai

Finance Minister Larry Howai told the House of Representatives Tuesday the deficit for the 2012 budget was $3.113 billion instead of the projected $6.675 billion.

Howai said the saving of more than $3 billion was achieved because of higher than expected oil prices as well as lower spending.

The minister added that the deficit projections presented in the 2013 budget have also changed. He made the point as he piloted a motion asking the House to accept the report of the Finance Committee.