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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 .

Official text

10 statements

Michael Chong

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?

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Ryan Turnbull

Liberal
“Our government is being responsible with public money. We saved over $60 billion, lowered the deficit, and are ahead of schedule to balance our day-to-day budget. At the same time, we cut taxes on income, housing, and fuel, helped people with basic costs, and brought in record business investment from other countries.”

  • Government answer in Question Period

    Relevance 45 of 100

    None of this answer addressed the specific question that was asked.

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Official Hansard

Mr. Speaker, our government has been clear: We are spending less to invest more in the Canadian economy. We found over $60 billion in government savings, reported a lower deficit in the spring economic update, and are on track to balance the operating budget a year ahead of schedule. We have done all that while cutting taxes on income, housing, fuel and new business investment, and supporting Canadians with groceries and essentials, while seeing the highest level in foreign direct investment in nearly two decades. That is how we demonstrate fiscal discipline and build Canada strong.

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Michael Chong

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?

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Ryan Turnbull

Liberal
“Our economy is doing well and getting stronger. Canada has the lowest debt, a top credit rating, and the fastest growth in the G7. We also saved $60 billion in government spending and brought in over $500 billion in new investments.”

  • Government answer in Question Period

    Relevance 29 of 100

    None of this answer addressed the specific question that was asked.

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  • A repeated line

    “Canada has the strongest fiscal position in the G7.”

    Said 14 times by 7 members since May 1.

    Every time it was said
Official Hansard

Mr. Speaker, Canada starts with the strongest fiscal position in the G7. We have seen the net debt-to-GDP ratio is the best in the G7. We have a AAA credit rating, the best in the G7. In Q2 of this year, we had the highest GDP growth in the G7. I do not know how many stats the member opposite needs. We saved $60 billion in government operations. We have attracted over $500 billion of new commitments in investment in the Canadian economy. I am not sure what the member opposite needs in terms of stats to understand that Canada is doing well and only getting stronger under the current government.

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Melissa Lantsman

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?

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Ryan Turnbull

Liberal
“The Conservatives are too negative to see our economic progress. We have secured 500 billion dollars in new investments and are backing major building projects across the country. Our next budget on November 5 will build on this work.”

  • Government answer in Question Period

    Relevance 35 of 100

    None of this answer addressed the specific question that was asked.

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Official Hansard

Mr. Speaker, the Conservatives are blinded, I think, by their pessimism and negativity. They cannot even see the opportunities that our government is seizing in the Canadian economy: $500 billion in new investment commitments from domestic investors; doubling non-U.S. trade by the year 2030; and projects such as Darlington, Contrecoeur, Grays Bay, Roberts Bank and Churchill Falls. These are generational projects that will secure long-term prosperity for Canadians. Budget 2026 next week, on November 5, will build on that progress. The Prime Minister says, “Fortune favours the bold.”

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Melissa Lantsman

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?

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Leslie Church

Liberal
“Our economy is strong and benefits all Canadians. We have the second-fastest growth and the best balance sheet in the G7, and we are creating more jobs per person than the United States. We are also working to lower housing costs, provide cheap child care, and invest in job training.”

  • Government answer in Question Period

    Relevance 44 of 100

    None of this answer addressed the specific question that was asked.

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  • Government answer in Question Period

    Clarity 37 of 100

    Much of this statement used imprecise wording, lacked details on timing or responsibility, or made broad claims without support.

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Official Hansard

Mr. Speaker, let me put a few facts on the record for the member. We are building a strong economy that benefits all Canadians. We have the second-fastest growth in the G7 and the best balance sheet in the G7, and we are the most competitive country for business investment. We have higher per capita job creation than the United States. This is a government that is focused on what matters to Canadians, like bringing the cost of housing down, ensuring that they have affordable child care and ensuring that there are investments in the skills, training and education that they need to build the brightest future possible. That is our record.

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Eric Lefebvre

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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Joël Lightbound

Liberal

Linked statement

“Families in the member's riding benefit from our child support money and dental plan. Does he tell his voters that he always votes against these programs?”

  • Government answer in Question Period

    Relevance 14 of 100

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Official Hansard

Mr. Speaker, no one can remain indifferent to the account he shared concerning his constituent. Keeping in mind those families who are struggling to make ends meet, for example, let us look at the Conservative reality. At every turn, they vote against measures that have a real impact on people’s lives. I am thinking of the member opposite and, more specifically, his riding of Richmond—Arthabaska—des-Sources, where 20,587 children are receiving an average of $4,176 a year through the Canada child benefit, and 34,563 of his constituents are benefiting from the Canadian dental care plan. I know he is very active in his riding. Does he tell the people he meets that he has consistently voted against all these measures that are helping residents?

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