Finance

During question period on finance, Conservatives raised the Parliamentary Budget Officer’s projection that federal debt would grow from $1.5 trillion to $2.3 trillion over four years, contrasting it with the Prime Minister’s earlier statement that debt would decline. They also pointed to the Bank of Canada raising interest rates for the first time in three years, rising costs for groceries and mortgages, projected annual debt interest near $83 billion, and slow economic growth, and asked the government to reduce spending, cut red tape, speed up resource and infrastructure approvals, and lower fuel taxes, including asking whether these measures would appear in the next budget. Liberals replied that Canada has the strongest fiscal position in the G7, said the Conservatives had not identified which spending was inflationary, and argued that inflation was driven by factors outside Canada’s control such as a U.S. trade war, conflicts in the Middle East, and global oil prices. They added that government investment in areas like child nutrition, tax cuts, defence, and major infrastructure projects, including the Davie shipyard and Churchill Falls, supports economic growth, and declined to reveal budget contents ahead of its release in a few days.Written by AI from the debate. Updated .

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5 statements

Kelly McCauley, Edmonton West

Conservative
“The Prime Minister said our debt would go down. But the budget officer says it will grow from $1.5 trillion to $2.3 trillion in four years. I want the Prime Minister to explain that.”
Official Hansard

Mr. Speaker, in September 2025, the Prime Minister stood in the House and stated, “We are going to have a declining level of debt”, yet the Parliamentary Budget Officer is projecting debt to climb from $1.5 trillion to $2.3 trillion over the next four years. Would the Prime Minister like to explain how debt going from $1.5 trillion to $2.3 trillion is, in his own words, a declining level of debt, or is he using the same math that he used to conclude that affordability is the best it has been in a decade?

Kelly McCauley, Edmonton West

Conservative
“Interest rates are going up because inflation will not stop. I want the Prime Minister to stop his high spending and lower our debt like he promised.”
Official Hansard

Mr. Speaker, also casting doubt on their plan is the Bank of Canada. The Bank of Canada’s monetary policy report states that there is slack in the labour market. It states that businesses have excess capacity. Normally, this would lead to lower interest rates, yet the Bank of Canada increased interest rates due to persistent inflation. The Prime Minister says the Liberals will focus on what they can control. Will the Prime Minister focus on what he can control, his inflationary spending binge, and do what he promised and deliver a declining level of debt?

Dan Muys, Flamborough—Glanbrook—Brant North

Conservative
“Canadians are paying more for food and housing, and interest rates are going up. The federal debt interest will soon reach $83 billion a year, which is more than we spend on health care or defence. The government must admit that its spending is hurting Canadians.”
Official Hansard

Mr. Speaker, Canadians are paying more at the grocery store and more to keep a roof over their heads. This week the Bank of Canada raised interest rates, meaning higher mortgage payments for families. Meanwhile, the Parliamentary Budget Officer projects annual interest on the federal debt will reach $83 billion by 2031, more than health transfers and more than defence. Debt is rising, interest rates are rising, and Canadians are out of money. With Halloween tomorrow, will the Liberals admit that their costly spending plan is all trick and no treat?

Gabriel Hardy, Montmorency—Charlevoix

Conservative
“Higher interest rates are making mortgages and borrowing more expensive for families. Canada's economy is growing at only half the rate of the American economy. Liberal taxes and rules are blocking resource development. The government must stop holding back these projects so we can bring down the cost of living.”
  • A repeated line

    “The Bank of Canada raised its interest rate for the first time in three years.”

    Said 3 times by 3 members since October 30.

    Every time it was said
Official Hansard

Mr. Speaker, the Bank of Canada raised its interest rate for the first time in three years. What does that mean for Canadians? It means that borrowing is more expensive, mortgages are more expensive and, once again, the financial pressure on families is increasing. Meanwhile, our economy is growing at half the rate of the U.S. economy. In fact, it is even worse than that. We rank 13th in the G20 for growth, just ahead of South Africa. Despite all this, the Liberals are imposing ever more taxes, regulations and bureaucratic roadblocks to developing our resources. When will the government see that in order to bring down the cost of living, it needs to stop holding back proponents who want to develop our country’s resources?

Gabriel Hardy, Montmorency—Charlevoix

Conservative
“Three reports this week show our economy is slowing, groceries are expensive, and people are struggling. To fix this, Canada must cut red tape, help businesses grow, boost productivity, develop energy resources, approve projects faster, and lower fuel taxes. Will the government put these ideas in its next budget?”
Official Hansard

Mr. Speaker, this week, three different reports have confirmed that our economy is slowing, that groceries cost a fortune for ordinary people and that people are struggling to make ends meet. It is clear what Canada needs to do to get its economy back on track: reduce regulatory and bureaucratic barriers; allow businesses to grow, particularly in the domestic market; focus on improving productivity; develop our resources, especially our energy resources; accelerate project approvals; and reduce federal taxes on fuel, including diesel. These are all Conservative measures that are within the Liberals’ control. Have the Liberals included them in their next budget?

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