Finance

Question period focused on federal spending, deficits, and the government’s newly announced investment fund. Conservatives said the deficit had doubled to $65 billion against the government’s earlier $31 billion forecast, that a trillion more dollars would be added to the debt by 2031, and that borrowing $25 billion to start the new fund is not how a real sovereign wealth fund works, since such funds use resource revenues rather than debt. They also raised cost of living, food inflation, and asked the government to stop running deficits. Liberals defended their record, saying Canada’s finances are among the strongest in the G7, that spending cuts would take dental care and other benefits away from people in Conservative members’ own ridings, and that the new fund and major projects would create jobs and wealth, including for Indigenous participants and skilled trades workers. A Liberal minister also disputed a Conservative claim about the economy and cited trade agreements with Indonesia and other Indo-Pacific countries.Written by AI from the debate. Updated .

Official text (opens in a new tab)

5 statements

Gérard Deltell, Louis-Saint-Laurent—Akiawenhrahk

Conservative
“The Prime Minister promised to spend our money carefully, but he has not. Life costs too much, food prices are the worst in the G7, and taxes and debt are higher. He needs to realize that spending more money will not help Canadians.”
  • A repeated line

    “More debt and more on the national credit card.”

    Said 12 times by 11 members since May 4.

    Every time it was said
Official Hansard

Mr. Speaker, let us not forget that, last year, when the internationally renowned banker ran for Prime Minister, he said that he would be careful with taxpayers’ money. A year later, here are the results: The cost of living is very high, we have the worst food inflation in the G7, there are more taxes, more debt and more charges on the credit card. In short, this great banker is nothing more than a costly Liberal. When will the Prime Minister realize that racking up up countless credit card charges is not going to create wealth for Canadians?

Gérard Deltell, Louis-Saint-Laurent—Akiawenhrahk

Conservative
“The government predicted a $31 billion deficit, but it reached $65 billion instead. The government plans to add another trillion dollars to the debt by 2031. Future generations will have to pay for this spending.”
Official Hansard

Mr. Speaker, let us remember that a year ago, the Liberals were forecasting a $31‑billion deficit. One year later, it is twice that—$65 billion. That is the reality after one year of Liberal governance. Worse still, the outlook from now to 2031, according to the economic statement, is another trillion dollars added to the debt. More and more spending is an indication that the deficits will increase. Do the Liberals realize that spending money we do not have leaves our children and our great-grandchildren holding the bag and that future generations will have to pay for the Liberals’ irresponsible management?

Gabriel Hardy, Montmorency—Charlevoix

Conservative
“The Liberals announced a new investment fund paid for with debt. England did this and would not call it a sovereign wealth fund, and the Prime Minister helped them with it. Why are the Prime Minister and the finance minister adding to our debt and making false promises?”
Official Hansard

Mr. Speaker, in 2024, England established a new fund that it explicitly refused to call a sovereign wealth fund because it was debt-financed, just like the fund announced by the Liberals last week. The Prime Minister should be aware of this. He served as an adviser to England during the process. The Liberals are using a term that has proven itself, that works, and that is even appealing, but they are not using the formula that made it successful. Why are the Prime Minister and his Minister of Finance selling us a pipe dream and continuing to saddle our country with debt? Do they think Quebeckers are stupid?

Gabriel Hardy, Montmorency—Charlevoix

Conservative
“People in my riding are going into debt just to buy food. At the same time, the government is borrowing 25 billion dollars to start an investment fund. Real funds use profits from resources, not debt. How can the government say it is managing our money well?”
Official Hansard

Mr. Speaker, families in Montmorency—Charlevoix are going into debt to put food on the table. Meanwhile, the Liberals, true to form, are setting up a fund that will start out $25 billion in the hole. A true sovereign wealth fund is created with wealth, using the proceeds from resources sold on the international market. Norway, Saudi Arabia and Singapore are good examples that we should emulate. They did not rely on debt to pay for their funds. The Prime Minister is borrowing to spend, while Quebeckers are borrowing to eat. How can the Liberals look families in the eye and say that they are managing public funds correctly and efficiently?

Jacques Gourde, Lévis—Lotbinière

Conservative
“The government has added a trillion dollars to the national debt over the last ten years. This overspending leads to higher taxes, higher interest rates, and higher prices for families. I want the Prime Minister to stop running deficits.”
Official Hansard

Mr. Speaker, the national credit card is more maxed out than ever, leaving a $1-trillion bill behind for our kids and grandkids. That is $1 trillion more in 10 years being piled on the backs of future generations. Today, families are paying the price for the Liberals’ structural deficits through higher taxes, higher inflation, even higher interest costs and higher prices across the board. When is this Liberal Prime Minister going to end credit card budgets so that Canadian families can make ends meet?

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