Finance

Question period on finance focused on federal deficits, debt interest costs, and spending discipline. Conservatives said the government had broken earlier fiscal limits, that deficits and interest payments were growing, that business investment had fallen in five of the last six quarters, and asked whether the next budget would break the Prime Minister’s new fiscal anchors and whether he would appear at the finance committee. Liberals said Canada has the strongest fiscal position in the G7, pointed to over $60 billion in savings, a lower deficit, a balanced operating budget ahead of schedule, major investment commitments, and programs like dental care and child benefits that they said Conservatives vote against. An upcoming budget on November 5 was mentioned.Written by AI from the debate. Updated .

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5 statements

Michael Chong, Wellington—Halton Hills North

Conservative
“The Liberals broke every spending limit they set over the last ten years. The new Prime Minister doubled the deficit and set new limits. Now the budget watchdog says he will break those too. Will the Prime Minister admit that the next budget will break his spending limit?”
Official Hansard

Mr. Speaker, the previous Liberal government over the last decade blew through every single fiscal anchor it had established. Last year, we got a new Prime Minister and new Liberal leader, who established new fiscal anchors in the last budget, with deficits double that of its predecessor. Well, here we are, less than a year later, and the PBO projects that the Prime Minister is going to blow through these new fiscal anchors. Will the Prime Minister confirm the PBO’s projection that the upcoming budget will blow through the fiscal anchor?

Michael Chong, Wellington—Halton Hills North

Conservative
“The member is cherry-picking numbers. The economy is barely growing, and the debt and its interest costs are rising fast. I want the government to give a yes-or-no answer: will it break its own spending limit in the next budget?”
Official Hansard

Mr. Speaker, I do not know what stats the member is cherry-picking, but business capital formation has declined in five of the last six quarters, and GDP growth is under 1%, effectively zero. As to spending, the debt is growing at double the rate of the deficit, and interest payments on the national debt are skyrocketing to 14¢ per dollar of revenue by decade’s end. I ask the government to answer the question. Will the government blow through the fiscal guardrail in the upcoming budget, yes or no?

Melissa Lantsman, Thornhill

Conservative
“Canada now spends more on debt interest than on health care, child benefits, or employment insurance. Eleven cents of every federal dollar goes to interest because the Liberals doubled the national debt. I want the Prime Minister to tell Canadians what matters more: their services or the people he owes money to.”
Official Hansard

Mr. Speaker, the Canada health transfer child benefit, EI, the child benefit and equalization payments do not have much in common, but they do have one thing in common: Canada spends less money on each of those than it does on interest on the debt. After the Liberals doubled the national debt, the Prime Minister doubled the deficit in his first year alone. Eleven cents of every federal dollar is now for interest payments. That is not social programs, it is not health care and it is not police. It is just interest. Will the Prime Minister get out of his seat and tell Canadians which matters more to them: their services or his creditors?

Melissa Lantsman, Thornhill

Conservative
“In the time it took the member to answer, taxpayers paid $112,000 on the debt, which funds no social programs. Investment has dropped in five of the last six quarters. The government's reckless spending leaves us with less money. I want the government to support our motion to make the Prime Minister come to committee.”
Official Hansard

Mr. Speaker, in just the time that it took the member to answer that question, Canadian taxpayers were forced to pay $112,000. That $112,000 will not pay for one of the government’s social programs. In five out of the last six quarters, investment has been down in this country, despite what the member says. That is Liberal hypocrisy in a nutshell. Their fiscal recklessness means less money today and even less tomorrow. The member cannot explain it. Will the government support our motion today and have the Prime Minister come to committee and at least try?

Eric Lefebvre, Richmond—Arthabaska—des-Sources

Conservative
“The deficit will reach $63 billion this year, and interest on the debt costs a family of four $6,000. Families are struggling while the government keeps spending. I want to know if the Prime Minister will accept my invitation to appear before the finance committee.”
Official Hansard

Mr. Speaker, the federal deficit will reach $63 billion this year. National interest payments will cost the equivalent of $6,000 for a Canadian family of four. However, the government continues to run up deficits while families are struggling to make ends meet. One of my constituents wrote to me and said that she is collecting empties to be able to fill up her gas tank to pick up her daughter. That is what life is like under the Liberals. I asked the Prime Minister to appear before the Standing Committee on Finance. Will he accept my invitation?

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