House of Commons Hansard #161 of the 35th Parliament, 1st Session. (The original version is on Parliament's site.) The word of the day was budget.

Topics

The BudgetGovernment Orders

6:45 p.m.

Reform

Jim Abbott Reform Kootenay East, BC

Madam Speaker, to the secretary of state, I notice in the document provided by the government yesterday called the "Budget in Brief" there is a quote on page 14: "This government is absolutely committed to providing a fair and sustainable system of protection for Canada's seniors".

I wonder if he can help us understand something here. The government has just made, I grant, real cuts of $10 billion. The payment on interest in the time that this government has been in place has increased $10 billion which means that we are treading water. Interest charges are increasing at a rate of 17.3 per cent. The governments have let our Canada pension plan get into a position of being underfunded $487.5 billion on top of the $545 billion that we are in debt at the national level; in other words, over a trillion dollars.

Considering all this, I wonder if he would not agree with me that the words in "Budget in Brief" saying, to quote the finance minister, that come hell or high water we are going to look after our seniors are not just words.

If we are going in the hole that quickly with additional interest charges which is interest being paid on money that we have already borrowed, we are going backward so rapidly that in spite of this government's words we are not going to have the capacity to be able to look after our seniors.

The BudgetGovernment Orders

6:45 p.m.

Liberal

Alfonso Gagliano Liberal Saint-LĂ©onard, QC

Madam Speaker, let me assure the hon. member and all Canadians watching as of this moment that there will be money. The Government of Canada will be able to keep its commitments and pay pensions to seniors.

The difference is that the Reform Party sees everything black, it is the end of the world. The member acknowledged that we have made real cuts. We have a balanced budget in terms of real cuts and it will encourage economic growth. The deficit will disappear. The deficit will be reduced by creating jobs.

What the Reform does not understand is that by creating jobs people work, pay taxes and will increase the number of dollars that will come in. The government will pay the debt.

The problem that we had in the past 10 years was the previous government committed to certain targets that were never met and the expenses were higher than revenues. For the first time in Canada our operating budget is in surplus. That is what the Reform Party does not want to understand.

The BudgetGovernment Orders

6:45 p.m.

The Acting Speaker (Mrs. Maheu)

It being 6.52 p.m., and since no member wants to take part in the adjournment debate, the House stands adjourned until tomorrow at 2 p.m., pursuant to Standing Order 24(1).

(The House adjourned at 6.52 p.m.)