FREDERICTON (CNB) -- The Alward government tabled its first budget today at the Legislative Assembly with significant spending reductions and increased revenue measures resulting in a smaller $448.8-million deficit. Finance Minister Blaine Higgs said the province was facing a $1-billion deficit if the spending trends of the past four years had continued.

“Today’s budget signifies a new direction, reversing our province’s fiscal decline and restoring New Brunswickers’ priorities and trust in government,” said Higgs. “Our government inherited a spending mess that can’t be fixed overnight. We are developing a plan to return to balanced budgets within our mandate and to encourage a growing, vibrant economy.”