So V ote

May/29/23 9:00:52 p.m.
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Mr. Chair, Canada's debt-to-GDP ratio went up during COVID, and that was natural. We did an important job in supporting Canadians and the Canadian economy. It was the right thing—

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May/29/23 9:01:42 p.m.
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Mr. Chair, she will have plenty of time to sit on this side of the House and ask questions, but during that recession, we were the last ones in and the first ones out. She will remember that. Can the minister tell us how much it cost to service the debt in 2021-22? I want just a number. She is the finance minister.

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May/29/23 9:02:19 p.m.
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Mr. Chair, it was $24.5 billion. Can she tell us, in numbers, how much it is today to service the debt?

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May/29/23 9:02:48 p.m.
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Mr. Chair, the minister does not believe that the amount she pays to service the debt is important, and every Canadian should hear that today. It is $43.9 billion. That number has doubled. I will ask her one last question, and I want just a number. How much is the payment for the Canada health transfer that this federal government makes? I want an approximation, not even a full number.

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May/29/23 9:03:45 p.m.
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Mr. Chair, the amount that I was looking for from the finance minister was about $45 billion. It will cost $43.9 billion to service our debt, which has doubled since last year, and it cost $45 billion in the Canada health transfer to keep Canadians safe, a number the minister does not think matters. It costs almost as much to service the debt as we pay for health care in this country, and that is shameful.

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Mr. Adam Chambers (Simcoe North, CPC)

May/29/23 9:04:22 p.m.
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Mr. Chair, could the hon. minister tell us this? Is it not a fact that between February 2020 and January 2022, the government issued approximately $471 billion of debt?

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May/29/23 9:04:59 p.m.
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Mr. Chair, it is true. It is a fact. The government issued $471 billion of debt between February 2020 and January 2022. Could the hon. minister tell us how much of that issued debt is maturing in under three years?

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May/29/23 9:05:36 p.m.
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Mr. Chair, 52% of all of the debt issued in that time frame was for under three years. In fact, only 10% of that debt was issued with 10 years or more maturity. How is it possible that the government says its debt management strategy is fiscally responsible when at the lowest interest rates, it financed most of that debt in the short term, which is all going to roll over in the next two years?

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May/29/23 9:06:46 p.m.
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Mr. Chair, it is obviously clear that the minister is ashamed of the government's record in choosing to issue short-term debt when rates were so low. Could the minister tell the House and Canadians what the average interest rate is that the government expects to pay on the debt that is maturing and rolling over in the next two years?

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May/29/23 9:07:35 p.m.
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Mr. Chair, it is very clear that the Minister of Finance does not want to stand behind her government's record and its choices in issuing debt. Here is another question. How much more will the government have to pay if inflation does not come down and interest rates do not come down, as it is projecting them to come down in its own budget, when it rolls over its debt in the next two years?

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