44th Parl. 1st Sess.
October 16, 2023 11:00AM
- Oct/16/23 2:25:42 p.m.
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Mr. Speaker, last fall, the finance minister promised a balanced budget within six years. Last spring, she broke that promise and said that we would never have a balanced budget. Last week, the Parliamentary Budget Officer revealed that her deficit is now 15% bigger than she said it was only six months ago.
Has the government totally lost control of our debt? How much is this inflationary spending going to add to the interest rates Canadians pay on their mega mortgages?
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- Oct/16/23 2:26:28 p.m.
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Mr. Speaker, our government will be providing an update on our debt and deficit figures and on our revenues in the fall economic statement in due course.
When it comes to Canada's fiscal position, let me be very clear: Canadians should listen to the independent ratings agencies whose job it is to evaluate Canada's position and not the partisan talking-Canada-down attacks of the opposition. Canada's AAA rating has been reaffirmed by ratings agencies since the budget. We are fiscally strong.
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- Oct/16/23 2:27:59 p.m.
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Mr. Speaker, let me again bring some independent, non-partisan facts to this conversation. It is the job of the ratings agencies to determine the sustainability of every country's fiscal position, and ratings agencies have reaffirmed Canada's AAA rating. Why did they do that? It is because we have the lowest deficit and the lowest debt-to-GDP ratio in the G7.
We believe in fiscal responsibility, and the numbers show it.
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- Oct/16/23 2:36:22 p.m.
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Mr. Speaker, in due course, our government will provide an update on the fiscal picture, both expenses and revenues, in the fall economic update.
Let me be clear, because I do not want Canadians to be misled by alarmist, partisan talking points from the opposition. The reality is that Canada's position is fiscally responsible. We have the lowest debt and deficit in the G7. Our AAA credit rating has been reaffirmed by our ratings agencies.
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- Oct/16/23 2:37:05 p.m.
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Mr. Speaker, the finance minister is known for speeding up, just for the wrong reasons.
By adding more debt than every government before them combined, she put the pedal to the metal on her deficits and revved up inflation. Unlike on an Alberta highway, the consequence of her spending is not just a speeding ticket; it is a bigger deficit, as well as higher inflation. These things have led to higher interest rates, putting Canada most at risk in the G7 for a mortgage default crisis.
After eight years, the Liberals are definitely not worth the cost. Is the finance minister going to blow through her budget deficit projections, again, by more than $6 billion, yes or no?
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- Oct/16/23 2:37:46 p.m.
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Mr. Speaker, our government will provide an update on our fiscal position, expenses and revenues in due course, in this fall's economic update.
I want to be very clear on Canada's fiscal position. I was at the IMF World Bank finance ministers meeting just last week. That is where it was so clear that Canada has the lowest deficit, the lowest debt-to-GDP ratio in the G7. Our position is enviable.
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- Oct/16/23 2:42:23 p.m.
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Mr. Speaker, the Parliamentary Budget Officer expects the federal deficit to reach $46.5 billion next year. That is 16% more than the Liberal government had initially projected.
That being the case, he does not expect interest rates to drop until April 2024. Given the ongoing housing crisis, that is truly a disaster.
Will the Minister of Finance confirm that the deficit will really be $6 billion higher next year?
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- Oct/16/23 2:42:53 p.m.
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Mr. Speaker, our government will confirm the budget figures in the November economic statement.
Today, however, I can point out a very important reality, a reality that should be reassuring for all Canadians: Canada's fiscal position is very strong. We have the lowest deficit and debt-to-GDP ratio in the entire G7, and our AAA credit rating has been reconfirmed by credit agencies.
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- Oct/16/23 2:51:56 p.m.
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Mr. Speaker, all we are doing is increasing partisan bickering. Now I will give the facts.
The facts are that Canada is fiscally responsible. Our AAA credit rating has been reconfirmed by the agencies, and we have the lowest debt and deficit in the G7.
If the Conservatives want to help us with the housing crisis, they need to support our Bill C‑56. That is the reality.
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