Hon. Donald Neil Plett (Leader of the Opposition): My question to Senator Gold this afternoon is in regard to the unbelievable debt that our government is accumulating on behalf of all taxpayers.

Last month, the Parliamentary Budget Officer, or PBO, released a report containing a risk scenario analysis “to help parliamentarians gauge potential economic and fiscal implications of central banks over-tightening monetary policy.” Under the PBO’s risk scenario analysis, they estimated that public debt charges could reach $53.4 billion in 2024-25. That, Senator Gold, would be an increase of 118% over the debt charges of 2021-22. To put that number in perspective, debt charges basically equal, in two years, what we will spend on our entire defence and on services to Indigenous and northern communities.

Senator Gold, what is your government’s long-term plan to pay the interest costs for this pile of Justin Trudeau-Jagmeet Singh debt? Will you cut services to vulnerable Canadians? Will you raise taxes? Or will you continue with the spiral of unending deficits?

Senator Plett: I’m surprised how you take solace in the fact that it is not all your fault. Maybe it isn’t all your fault, but certainly a good percentage of it is your fault, and when I say “you,” I mean the Liberal-NDP government. The whole economic plan of the Trudeau-Freeland team was to fuel Canada’s growth with cheap debt. The budget, Senator Gold, again, was to balance itself.

Government leader, the party is now over. The Bank of Canada raised interest rates today for the seventh time this year. Sadly, it will be future generations — your grandchildren, my grandchildren and our great-grandchildren — who will suffer the consequences of your government’s failed economic policies — your government.

Senator Gold, when is the federal budget going to balance itself?