Balanced Budget and Debt Repayment Act

An Act to amend the Financial Administration Act (balanced budget and public debt repayment)

This bill was last introduced in the 41st Parliament, 2nd Session, which ended in August 2015.

Sponsor

Brent Rathgeber  Independent

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

Status

Introduced, as of March 25, 2015
(This bill did not become law.)

Summary

This is from the published bill. The Library of Parliament often publishes better independent summaries.

This enactment amends the Financial Administration Act to provide for requirements to have a balanced budget and to repay the public debt.

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.

Financial Administration ActRoutine Proceedings

March 25th, 2015 / 3:10 p.m.
See context

Independent

Brent Rathgeber Independent Edmonton—St. Albert, AB

moved for leave to introduce Bill C-660, an act to amend the Financial Administration Act, balanced budget and public debt repayment.

Mr. Speaker, it is an honour for me to rise and table an act to amend the Financial Administration Act for balanced budgets and debt repayment. This legislation, if adopted, would provide for statutory requirements for the government to table a balanced budget and repay the over $640 billion in public debt.

This legislation allows for a 3.5% cushion or contingency fund for normal contingencies, and allows an exception for a deficit in times of exceptional circumstances, provided that the Minister of Finance clearly explains those extraordinary circumstances to this House. Significantly, surpluses would be statutorily used to pay down the public debt in an orderly manner. Governments would be unable to use windfalls to go on spending sprees.

The government, since the 2013 throne speech, has promised balanced budget legislation but has yet to deliver on that promise, notwithstanding reminders from this member.

Accordingly, I encourage the government to honour its pledge to prudent fiscal planning. I encourage all hon. members to support the balanced budget and public debt repayment act.

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