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)