Deficit Prevention Act

An Act to Prevent Deficit Budgets

This bill was last introduced in the 37th Parliament, 1st Session, which ended in September 2002.

Sponsor

Mac Harb  Liberal

Introduced as a private member’s bill. (These don’t often become law.)

Status

Not active, as of June 1, 2001
(This bill did not become law.)

Elsewhere

All sorts of information on this bill is available at LEGISinfo, provided by the Library of Parliament. You can also read the full text of the bill.

Deficit Prevention ActRoutine Proceedings

June 1st, 2001 / 12:10 p.m.
See context

Liberal

Mac Harb Liberal Ottawa Centre, ON

moved for leave to introduce Bill C-363, an act to Prevent Deficit Budgets.

Mr. Speaker, the enactment of this bill would provide that there must be no deficit either budgeted or incurred in any fiscal year. It would require a contingency reserve to be included in the estimates of expenditures for each year. If that contingency reserve is not fully expended, the balance must be used to pay down the debt.

Deficits caused by natural disasters, war or unusual collapse of revenues are excluded by such special deficit but must be recovered in the following three year budgets.

(Motions deemed adopted, bill read the first time and printed)