Canada’s government is forecasting a budget deficit for the current year in excess of $300 billion, above most estimates, the Globe and Mail reported.

The new deficit projection will be announced in a fiscal update scheduled Wednesday by Finance Minister Bill Morneau. The newspaper cited two unnamed senior government officials. A third official said the government won’t make any new policy announcements tomorrow.

Economists are estimating the federal deficit will be at least $250 billion for the fiscal year that began April 1.