Liberal Finance Minister Bill Morneau announced an $18 billion deficit Monday morning, blowing past the government's campaign promise of keeping the bill below $10 billion.

The update was widely anticipated to include bad news. Growth forecasts are indeed down. Here are some of the major points from this morning's fiscal update from the department of finance.

$18 billion deficit

The Liberals have been forced to blow through their promised $10 billion deficit ceiling. The deficit spending for the coming year will instead top out at $18.4 billion, the government confirmed Monday. The fall economic update had projected a $3.9 billion deficit for 2016-2017. Getting back to balance by the end of the Liberal mandate, as promised during the election campaign, is also unlikely. The projected deficit for 2017-2018 is now $15.5 billion.

The budget will be tabled March 22

There had been speculation that the budget would land early in the spring, with the week of March 21 widely predicted to be the most likely contender. The finance department confirmed on Monday that March 22 has been chosen as budget day. None of the numbers released on Monday include the measures that will be announced in the budget.

The price of oil

Private-sector economists are now predicting at an average crude price of US$40 a barrel in 2016, down from US$54 in the fall economic update. The downgraded forecast is likely to continue to have significant fallout in Canada's energy sector.

Gross Domestic Product

GDP growth is forecasted to be 1.4 per cent, as compared to 2 per cent in the fall, resulting in a $12 billion loss in government revenue

More to come.