1.This snapshot estimates the impact of the COVID-19 pandemic on federal finances. The impact is massive, and larger than most expected. The deficit is pegged at $343 billion for FY20/21, which will weigh in at almost 16% of GDP, the deepest shortfall on record going back to the early-1960s. That will cause debt to jump above $1 trillion, and the net debt-to-GDP ratio to jump 18 points, to 49.1%, the highest since the late-1990s. Some economists feel this is acceptable, others believe it will cause financial problems. What is your opinion of the impact on Canada and its debt over the next few years? Explain.