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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

10 statements

Gérard Deltell

Conservative

Linked statement

“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?

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Joël Lightbound

Liberal
“Canadians rejected the Conservative budget plan because economists did not support it. Our government has put Canada in the best financial shape in the G7, with the second-strongest growth and tax cuts for the middle class.”

  • Government answer in Question Period

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Official Hansard

Mr. Speaker, let us not forget that, last year, the member’s leader presented a budget plan that contained over 17 photos of himself, and none of the numbers in that plan were supported by economists. That is why Canadians made the wise choice to reject the Conservatives’ proposal and opt for the serious proposal put forward by this Prime Minister and this government, which has put Canada in the best fiscal position in the G7. We have the second-strongest growth in the G7 and are way ahead of the third- and fourth-place countries, while also delivering tax cuts for the middle class, support for those who need it and a strong economy.

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Gérard Deltell

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?

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Joël Lightbound

Liberal
“The opposition wants us to cut government spending. That would take dental care away from 27,000 people in the member's riding and cut 80 million dollars for local families. It would also stop us from investing in big projects that help our economy grow and give young people a better future.”

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Official Hansard

Mr. Speaker, what would be irresponsible would be to do as my colleague suggests and deprive 27,000 people in his riding of the Canadian dental care plan, as well as 12,000 families of the approximately $80 million that flows into Louis-Saint-Laurent—Akiawenhrahk. That is what would be irresponsible. What would be irresponsible, given the global and economic turmoil we are facing, would be to fail to build and invest in infrastructure to boost Canada’s competitiveness—as we are doing at the Port of Québec, as we are doing in Contrecoeur, and as we are doing with Nouveau Monde Graphite—in order to create a strong, resilient economy that offers opportunities to our youth and future generations.

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Gabriel Hardy

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?

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Steven MacKinnon

Liberal
“We want all Canadians to help build major national projects. These projects will create wealth and give people jobs, especially in skilled trades.”
Official Hansard

Mr. Speaker, as we build Canada strong and carry out major projects, we naturally want to give all Canadians the opportunity to be part of this effort, to participate in these projects that will create wealth and put our men and women to work, especially in the skilled trades. Yes, we will ensure that the entire country has a bigger stake in the prosperity we intend to create here in Canada.

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Gabriel Hardy

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?

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Steven MacKinnon

Liberal
“We want to create a national fund to help build a new Canadian economy. It will create jobs and wealth for Canadians.”

  • Government answer in Question Period

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Official Hansard

Mr. Speaker, just as we are doing with other programs like the Canada growth fund, indigenous participation in our projects and the Canada Infrastructure Bank, we want the sovereign wealth fund to provide the tools needed to move forward, to build and develop a new economy here in Canada. We want it to be an economy that provides job opportunities as well as opportunities to create wealth here in Canada, for Canadians. That is what we are doing with the sovereign wealth fund for Canada.

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Jacques Gourde

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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Anita Anand

Liberal
“What the member said is false. We are building a strong economy by making trade deals around the world, like in Asia. I want to know why the Conservatives refuse to support our work for Canadians.”
Official Hansard

Mr. Speaker, I thank the member for his question. What he said is not true. We are continuing to build a strong economy in Canada with trade agreements around the world. For example, we signed an agreement with Indonesia last year, and we have agreements with Indo‑Pacific countries, including ASEAN in 2026. We are going to keep building the economy through agreements like these. I would like to know why the Conservatives refuse to vote with us in support of Canadians.

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