Discussion · Adjournment Proceedings
Maggie Chi Liberal
“First, I send my condolences to the families of the four soldiers who died at CFB Wainwright. Our government is managing public money responsibly while investing in the economy. Canada has the lowest net debt-to-GDP ratio in the G7. We are cutting back on government operating costs, shrinking the public service, and using less outside consulting. Because of these savings, our operating budget will be balanced a year early, in 2027-28, and our economy is growing.”
“Mr. Speaker, before I begin, I want to extend my deepest condolences to the families and loved ones of the four Canadian Armed Forces members who lost their lives at CFB Wainwright, and I wish a speedy recovery to the injured soldiers. We mourn with them, and Canadians across the country stand with them. In an increasingly fragmented and uncertain world, our government is focused on what we can control, which is maintaining fiscal sustainability while making targeted high-impact investments in Canadians and the economy. Responsible leadership means investing in a brighter future while protecting Canada’s fiscal strength, the lowest net debt-to-GDP ratio in the G7, a sound fiscal position and a clear path to long-term sustainability. By investing strategically and responsibly today, we are positioning Canadians to benefit from a stronger tomorrow. At the same time, our fiscally disciplined approach is helping to lower everyday costs for Canadians. Budget 2025 marked a tactical shift in the government’s management of public finances. Our plan is focused on expanding federal capital spending to mobilize investment while maintaining fiscal discipline. Our plan is built upon a bedrock of fiscal responsibility to create the capacity to invest in long-term economic strength and gain self-reliance. Consistent with this approach, decisions in the spring economic update 2026 were also guided by the government’s two fiscal anchors: balancing operating spending with revenues by 2028-29 and maintaining a declining deficit-to-GDP ratio. Our plan is working. As recently announced by the Prime Minister, the government is on track to balance the operating budget one year ahead of schedule in 2027-28. We are committed to the disciplined implementation of the efficiency measures in budget 2025. This includes the comprehensive expenditure review, which together with other measures identified in budget 2025, will achieve $60 billion in savings and revenues over five years. The comprehensive expenditure review is also returning the size of the public service to a more sustainable level through early retirement incentives, workforce adjustment and attrition. With implementation well under way, the focus is now turning toward targeted ongoing horizontal reviews, beginning with efforts to rein in spending on external management and other consulting services. These challenging but necessary actions will continue to support our objective of spending less to invest more in Canadians. In budget 2025, we also outlined our new approach to budgets through the capital budgeting framework. This framework has distinguished day-to-day operational spending from long-term investment that strengthens our economy. Importantly, the framework is designed to enhance existing financial reporting. Our government has also changed the budgetary cycle to fall budgets, supporting better planning for provinces and territories, municipalities, builders and investors, and aligning with the construction season. Canada’s economic growth is accelerating, and we are projected to have the second fastest rate in the G7 this year and next. We have reinforced the strongest fiscal position in the G7 by cutting direct program spending growth from over 8% to less than 2% while boosting our vital social programs. We reduced Canada’s projected deficit for 2025-26 by more than $11 billion relative to budget 2025. We are deploying this fiscal uplift to improve affordability and help Canadians get ahead through targeted and responsible policy measures, particularly in the areas of fuel, food and housing affordability.”
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Mr. Speaker, before I begin, I want to extend my deepest condolences to the families and loved ones of the four Canadian Armed Forces members who lost their lives at CFB Wainwright, and I wish a speedy recovery to the injured soldiers. We mourn with them, and Canadians across the country stand with them. In an increasingly fragmented and uncertain world, our government is focused on what we can control, which is maintaining fiscal sustainability while making targeted high-impact investments in Canadians and the economy. Responsible leadership means investing in a brighter future while protecting Canada’s fiscal strength, the lowest net debt-to-GDP ratio in the G7, a sound fiscal position and a clear path to long-term sustainability. By investing strategically and responsibly today, we are positioning Canadians to benefit from a stronger tomorrow. At the same time, our fiscally disciplined approach is helping to lower everyday costs for Canadians. Budget 2025 marked a tactical shift in the government’s management of public finances. Our plan is focused on expanding federal capital spending to mobilize investment while maintaining fiscal discipline. Our plan is built upon a bedrock of fiscal responsibility to create the capacity to invest in long-term economic strength and gain self-reliance. Consistent with this approach, decisions in the spring economic update 2026 were also guided by the government’s two fiscal anchors: balancing operating spending with revenues by 2028-29 and maintaining a declining deficit-to-GDP ratio. Our plan is working. As recently announced by the Prime Minister, the government is on track to balance the operating budget one year ahead of schedule in 2027-28. We are committed to the disciplined implementation of the efficiency measures in budget 2025. This includes the comprehensive expenditure review, which together with other measures identified in budget 2025, will achieve $60 billion in savings and revenues over five years. The comprehensive expenditure review is also returning the size of the public service to a more sustainable level through early retirement incentives, workforce adjustment and attrition. With implementation well under way, the focus is now turning toward targeted ongoing horizontal reviews, beginning with efforts to rein in spending on external management and other consulting services. These challenging but necessary actions will continue to support our objective of spending less to invest more in Canadians. In budget 2025, we also outlined our new approach to budgets through the capital budgeting framework. This framework has distinguished day-to-day operational spending from long-term investment that strengthens our economy. Importantly, the framework is designed to enhance existing financial reporting. Our government has also changed the budgetary cycle to fall budgets, supporting better planning for provinces and territories, municipalities, builders and investors, and aligning with the construction season. Canada’s economic growth is accelerating, and we are projected to have the second fastest rate in the G7 this year and next. We have reinforced the strongest fiscal position in the G7 by cutting direct program spending growth from over 8% to less than 2% while boosting our vital social programs. We reduced Canada’s projected deficit for 2025-26 by more than $11 billion relative to budget 2025. We are deploying this fiscal uplift to improve affordability and help Canadians get ahead through targeted and responsible policy measures, particularly in the areas of fuel, food and housing affordability.