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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 .

Official text

6 statements

Philip Lawrence

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?

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Ryan Turnbull

Liberal
“Our new budget will protect our economy and our independence. It will support families, build industries, and create tens of thousands of jobs. The Conservatives would give up instead of fighting for Canada.”
Official Hansard

Mr. Speaker, tomorrow’s budget is named, for good reason, “Masters of Our Destiny”. Why? It is because in a moment when our economic security and our sovereignty are being tested at all levels, our government is standing up to protect the country we love to build industries, support families, diversify trade and move quickly to get shovels in the ground and create tens of thousands of new jobs. If the Conservatives wrote the budget, it would be called “Servants of Surrender”. Why? It is because they waved the white flag before the battle even started.

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Eric Lefebvre

Conservative

Linked statement

“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?

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Mélanie Joly

Liberal
“My colleague did good work as Quebec's finance minister and is doing good work now. We are working together on the tariff crisis. Canada is in a real crisis right now with job losses and a trade war with the United States.”

  • A repeated line

    “Given that we are in the midst of a trade war.”

    Said 3 times by 3 members since June 11.

    Every time it was said
Official Hansard

Mr. Speaker, I thank the member for giving me the opportunity to pay tribute to my colleague, the Parliamentary Secretary to the Minister of Industry. He did a great job when he served as Quebec’s finance minister, and he is also doing a great job as parliamentary secretary. We are working together every day to manage the tariff crisis. When I hear my colleagues talking about all the crises that Canada has faced in recent years, I do not understand why they do not think that we are in a crisis right now, given that we are in the midst of a trade war, dealing with job losses and trying to create economic growth, when the U.S. administration wants to—

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Eric Lefebvre

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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Steven MacKinnon

Liberal
“Past Conservative prime ministers ran up record debt for Canada. We will share our budget numbers and economic plan in the House tomorrow.”
Official Hansard

Mr. Speaker, when my friend across the way started his question, I already knew that he was not talking about Brian Mulroney or Stephen Harper, who drove the country into debt in a way that had never been done before. I would like to remind members that we will have the documents and budget numbers here in the House tomorrow. I encourage my colleague to join us here and stay tuned for the economic plan to build a very strong Canada.

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