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House Hansard - 129

44th Parl. 1st Sess.
November 17, 2022 10:00AM
Context: House Hansard - 129 - Nov/17/22
Mr. Chandra Arya
  • Nov/17/22 1:45:18 p.m.
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  • Re: Bill C-32 
Madam Speaker, that is an important question, because interest payments are a significant amount for most deficits throughout the history of Canada. However, the member may remember when the pandemic started and the long-term interest rates were close to 0%, we changed the composition of the Canadian federal debt from about 12%, if I am not wrong. We took the long-term debt close to 0% to about 46% of the debt.
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Context: House Hansard - 129 - Nov/17/22
Mr. Tom Kmiec (Calgary Shepard, CPC)
  • Nov/17/22 4:22:40 p.m.
  • Watch
  • Re: Bill C-32 
Madam Speaker, I was following along with the member's speech with the member for Calgary Rocky Ridge and we have just one observation to make. According to the government's own fall economic statement, within seven years we will pay more in debt interest payments than we pay right now for the defence department's annual budget. If the member is as concerned as we are with the national security of Canada and ensuring that we can protect our country into the future, should the government not get control of debt interest payments and make sure it is not taking on even more debt, thus assuring that entire government departments will be gobbled up by debt interest payments to the big banks?
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