Finance

In question period, members focused on the federal budget being tabled the next day. The Conservatives criticized the government’s spending record, saying past budgets drove up deficits, inflation, interest rates, and the cost of living, and asked whether the government would cut spending and honour the Prime Minister’s campaign pledge to reduce the debt-to-GDP ratio, citing an announced deficit of $63 billion. Liberals said the budget, titled “Masters of Our Destiny,” would protect Canada’s economic security and sovereignty, support families, build industries, and create jobs, and they pointed to the tariff crisis with the United States and job losses as the current context; one minister also noted past Conservative prime ministers had increased the debt.Written by AI from the debate. Updated .

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3 statements

Philip Lawrence, Northumberland—Clarke

Conservative
“The government's heavy spending caused high inflation, high interest rates, and a high cost of living. I want the government to cut spending in the next budget so Canadians can afford to live.”
Official Hansard

Mr. Speaker, there has been one consistent theme over the past 10 Liberal budgets: reckless spending. Each budget has delivered record-breaking expenditures. The results have been deficit-fuelled inflation, high interest rates and a crushing cost of living crisis. Tomorrow, will the government finally reverse course, meet its own financial targets and restrain spending so Canadians can afford to live?

Eric Lefebvre, Richmond—Arthabaska—des-Sources

Conservative
“A current Liberal MP once said that balancing the budget is a basic requirement. I agree with him. Does the Prime Minister agree with his own MP?”
Official Hansard

Mr. Speaker, here is a riddle. Which former Quebec Liberal finance minister said, “Balancing the budget is not an obsession.... It is a basic requirement so that we can move forward with all of our other public policies”? Which finance minister said that? I cannot name him, because he is currently serving as a Liberal MP and as a member of the Standing Committee on Finance. He is someone I hold in high regard, and I agree with him on the importance of balancing the budget. Does the Prime Minister agree with his MP?

Eric Lefebvre, Richmond—Arthabaska—des-Sources

Conservative
“The Prime Minister promised to lower Canada's debt compared to the size of our economy. Now the government has announced a $63-billion deficit. What will the government do to keep the Prime Minister's promise?”
Official Hansard

Mr. Speaker, let me try a second riddle. Who said during the election campaign that we must “ensure that government debt-to-GDP declines over the budget horizon”? Who said that? It was the Prime Minister, on page 55 of his election platform. The Prime Minister made a formal commitment to reduce Canada’s debt-to-GDP ratio. What measures will be taken to keep his promise, so he can keep his word, given that the government is announcing a $63‑billion deficit?

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