Finance

During question period on finance, Conservative MP Michael Chong said interest costs on the national debt are rising quickly and will consume a large share of tax dollars by 2030, and he asked what the government would do if another major crisis hit. He also noted that growth is low this year and asked the government to commit to making major spending announcements in Parliament rather than outside it. Liberal MP Ryan Turnbull replied that Canada has the fastest-growing economy in the G7, which brought in more revenue and lowered the deficit, and said the government is focused on growing the economy while investing in affordability measures, clean electricity, and housing.Written by AI from the debate. Updated .

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2 statements

Michael Chong, Wellington—Halton Hills North

Conservative
“Interest on our national debt is rising fast. By 2030, paying that interest will cost more than public health care. It is the fastest-growing cost in the budget. What will the government do if another major crisis hits?”
  • A repeated line

    “That is more than we spend on health care transfers.”

    Said 3 times by 3 members since April 30.

    Every time it was said
Official Hansard

Mr. Speaker, interest costs on the national debt are skyrocketing. By 2030, they will chew up 14¢ of every tax dollar, which is $85.5 billion a year and $8,000 for a typical family of four. That is more than we will spend on public health care, and more than we will spend on a whole range of other social programs. It is the fastest-growing expense in the government’s budget. What is the government going to do if we face another major crisis like we faced in 2008 and 2020?

Michael Chong, Wellington—Halton Hills North

Conservative
“Economic growth is almost zero this year. Over the last six months, the government announced tens of billions of dollars in spending outside of Parliament. I want the government to promise that it will make all major spending announcements here in Parliament for the next six months.”
Official Hansard

Mr. Speaker, in most projections, growth remains anemic, below 1% this year, which is essentially zero. Over the past six months, the government has announced tens of billions of dollars in tax expenditures outside of this place, which we only got the details of yesterday in the budget, so I have a simple question. Will the government commit that in the next six months, it is not going to be making any more major tax expenditure or spending announcements outside of this place, and will instead respect Parliament and announce them here?

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