Carlos Leitão

Mr. Speaker, Procedure · 45 wordsI will be sharing my time. It is my turn to speak to Bill C-30, which seeks to implement the economic update. I want to address several issues, but, first, I want to talk about why we are doing things a bit differently here today.Procedure Claims · 155 wordsLast week, at the Standing Committee on Finance, on which I serve, the Conservative members used some pretty intense filibustering tactics during the study of C-30.¹ What I found especially shocking was that the Conservatives themselves admitted that this filibustering had nothing to do with any specific concerns about this bill but everything to do with winning concessions on another bill, Bill C-22.² They said so themselves. They made it very clear. To get concessions on Bill C-22, they were prepared to filibuster, change everything and take as long as necessary to achieve that goal. This filibuster was clearly deliberate, especially given how much of the committee’s time was spent on a single clause and on an amendment moved by the Conservatives themselves. They then moved subamendment after subamendment.³ They used a very clear tactic: These subamendments were drafted in English only.⁴ We had to wait for them to be translated before work could resume. Reasoning · 7 wordsWe can see the mechanism at play. Claims · 87 wordsAlso, the Conservatives’ discussions on these subamendments involved a lot of repetition and many digressions that had very little to do with the matter at hand. That also contributed to delays. In any event, we spent hours and hours on it. It quickly became clear that no progress was going to be made at all. That is a big problem because Bill C-30 is so important. It concerns the April 28 economic update, ⁵which contains a number of very useful and very important measures for our economy. Procedure · 43 wordsI suspect I may run out of time, but before I talk about those measures, I want to address a few problems that have been mentioned today in the conversations and in the debates that we have had here so far. For example, ProcedureClaims · 82 wordsas of the end of the fiscal year, March 31, Canada had met the target of 2% of GDP for spending and investments in national defence.⁶ That was confirmed by NATO itself, ⁷and it is something that Canada had not done in a very long time. Liberal and Conservative governments kept national defence spending at 1% or 1.5% of GDP.⁸ We very quickly and practically reached the 2% target, and we committed to allocating 5% of GDP to national defence by 2035.⁹ Positioning · 6 wordsThat is a very significant commitment.Positioning Reasoning · 13 wordsWe are making this commitment because the world is a different place now. Claims · 41 wordsToday, our situation is very delicate. Our biggest trade and economic partner is also our neighbour: the United States.¹⁸ It is a partner that has very plainly and clearly told us that it does not need what Canada has to offer.Partly on point Procedure · 7 wordsWe could discuss that at great length.Procedure Claims · 75 wordsIt does not need anything except our energy, our aluminum and other resources. The Americans imposed a number of sector-based tariffs, ¹⁰which is not entirely consistent with CUSMA requirements, but they did it anyway to put the Canadian government under a lot of pressure. They really want to put a lot of pressure on the economy to force us into making all sorts of concessions, to the point where our own sovereignty is at risk. Reasoning · 9 wordsThat is why we are investing heavily in defence. Promise · 17 wordsIt is also why we are going to keep strengthening ties with reliable, dependable and predictable partners.Vague promise Claims · 39 wordsThat said, it is also clear that 70% of our exports go to the United States.¹¹ Our neighbour will always be our neighbour. We cannot change geography. We still have good relationships with American businesses and the American people. Promise · 7 wordsWe are going to maintain those relationships. Claims · 9 wordsWe have also committed to doubling our non-U.S. exports.¹²Partly on point Procedure · 8 wordsLet us look at the reasoning behind that.Procedure Claims · 72 wordsEven if we can double the 30% of our exports going to non-U.S. countries, and I think we will get there, 40% to 50% of our exports will still be going to the United States.¹³ It will still be important to maintain our trade relationship with the United States. That is why we are still committed to updating CUSMA. That work continues, despite the obstacles the administration sometimes puts in our way. Promise · 5 wordsWe remain focused on that, Partly on pointProcedure · 29 wordsbut we need to have a broader perspective on all of this. It is important to point out one other thing that is very clear in the economic update.Procedure Claims · 33 wordsOur colleagues opposite keep saying that we are running huge deficits, that we are heading straight for a wall and that things are not working. Our colleagues sometimes paint a rather apocalyptic picture. Procedure · 6 wordsLet us review some basic facts.Procedure Claims · 29 wordsOur deficit stands at 2.1% of GDP, ¹⁴which is entirely manageable. Canada’s public debt is equally manageable. In fact, that is why our AAA credit rating is being maintained.¹⁵ Positioning · 20 wordsIf Canada were truly a country on the brink of ruin, how could we still have a AAA credit rating?Positioning Procedure · 6 wordsI will conclude on this point.Procedure Positioning · 14 wordsHow is it that long-term bond yields, for example 10-year yields, are around 3.5%?¹⁶Positioning Claims · 16 wordsThat is roughly 100 basis points, or one percentage point, lower than in the United States.¹⁷ Positioning · 29 wordsIf we are as broke as our colleagues opposite claim, why are interest rates on the financial markets still so favourable in Canada? We are on the right track.Positioning Promise · 13 wordsWe are going to diversify our economy and continue to sign trade agreements.Partly on pointVague promise