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The Budget

Question period on the federal budget tabled the previous day. Conservatives said the government has run larger deficits than it promised for years, adding hundreds of billions to the national debt, with interest costs now growing fastest and a new deficit of about $62 billion; they called on the government to cut spending and asked how Canadians could trust the finance minister. Liberals said debt costs are low by historical comparison, and that the deficit, rents and housing prices are down while the economy is growing; they described budget measures supporting small businesses through tax deductions and urged other parties to support the budget.Written by AI from the debate. Updated .

Official text

6 statements

Pat Kelly

Conservative

Linked statement

“The Liberals promised small deficits, but they added 750 billion dollars to the national debt over 11 years. Interest on that debt is now the fastest-growing cost for the government, which threatens funding for health care and national defence. Yesterday's budget adds another 765 billion dollars to the debt, showing the Liberals cannot control their spending.”
Official Hansard

Mr. Speaker, in 2015, the Liberals promised two years of modest deficits that would lead the budget to balancing itself. Instead, they added $750 billion to the national debt through 11 years of credit card budgeting. Interest on national debt is now the fastest-growing government expense, threatening to choke out priorities like health care and national defence. How can we trust the Liberals to get their spending under control when yesterday’s budget adds another $765 billion to the national debt?

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Corey Hogan

Liberal
“Our debt costs are low compared to the past, and our overall debt is in good shape. We are using our money to grow the economy and create thousands of jobs, including in Calgary. I want the Conservatives to support our budget.”

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Official Hansard

Mr. Speaker, managing debt is important, and so is intellectual honesty and context. The reality is that our debt servicing is at 1.7% of GDP, comparable to the Harper years that they lionize, and well below the 6.5% in the nineties. We have the lowest net debt. We have the second-lowest deficit. We are using that fiscal capacity to grow our economy, including in our home city of Calgary, where we are seeing significant growth and significant investments, including tens of thousands of jobs and thousands of youth jobs. There is much to be excited about. I hope they get on board.

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Pat Kelly

Conservative
“For 11 years in a row, the government has broken its promises about spending, borrowing, and deficits. Yesterday's budget breaks even more of those financial promises. How can Canadians trust the finance minister?”
Official Hansard

The Speaker, for 11 years in a row, the government has tabled spending, borrowing and deficit projections that breached their previously promised targets, and the member wants to talk about honesty. The projections in yesterday’s budget confirm that they have broken last year’s fiscal anchor of a declining deficit to GDP and the government’s old fiscal anchor of a declining debt to GDP. After 11 years of broken promises, how can Canadians trust the finance minister?

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Corey Hogan

Liberal
“Our economic plan is working. The deficit, rent, and housing prices are down, and the economy is growing. I want other members to support our plan.”

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Official Hansard

Mr. Speaker, the deficit is down. Rents are down. Housing prices are down. Economic activity is up. The plan is working. We welcome members to get on board.

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Chak Au

Conservative
“Families in my riding are cutting back on essentials to get by. The government needs to do the same. This budget adds a $62-billion deficit and over $60 billion in interest payments on the debt. I want the government to cut spending and reduce the deficit.”
Official Hansard

Mr. Speaker, families in Richmond Centre—Marpole are cutting back on groceries and other essentials to make ends meet. They expect the government to show the same discipline, yet this costly credit card budget has another $62-billion deficit for this year and over $60 billion in debt interest, which is more than the Canada health transfer. A family of four will pay $6,000 just on Canada’s interest payments. This is a budget mastered by deficit. When will the Liberal government cut spending, reduce the deficit and give struggling families breathing room?

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Ryan Turnbull

Liberal
“Our new budget supports small businesses across the country. It gives them tax deductions so they can invest in themselves. This makes Canada the best place in the world for new business investment.”

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Official Hansard

Mr. Speaker, I have great news this Friday. Budget 2026, announced yesterday, is leveraging our fiscal strength to support small businesses right across the country. With the productivity mega deduction, Canada is the most tax-competitive jurisdiction for new business investment in the world. From mines to mills to auto manufacturers and from bakers to dry cleaners, we are giving businesses the confidence, through a tax deduction, to invest in themselves today. With the Canada growth incentive, we are, more than ever, supporting successful entrepreneurs to reinvest—

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