Thank you, Mr. Chair.
My thanks to the presenters. It's been interesting, as always. I want to continue the line of thought Mr. Del Mastro was using, and I think Judy was as well.
I like numbers. It's nice to talk about 3% of the GDP, but let's talk about numbers. As an accountant, I like to see what the numbers are. If we look at what the projections were from the last independent forecasters, pretty well everybody was almost within $5 billion in terms of program expenditures. It's the revenue. Everybody was predicting around $210 billion, but the revenues came in at $222 billion. I know there were some accounting adjustments, but we're still predicting $227 billion this year, or maybe in the $230 billions. Isn't the growth going to come from the revenues?
Mr. Orr, if we look at what The Fiscal Monitor is saying, it's $5 billion. Shouldn't we double that and say we're still expecting $12 billion to $13 billion? That's easy mathematics. The revenues should be going up. Finance always seems to be undercutting. I think you guys underestimated revenues. Shouldn't we be looking at $13 billion to $14 billion?
Really, what happened in the last budget—I'll get to you as well, Ellen—was that the government decided to cut the GST, but they increased income taxes. It was almost an offset.
Mr. Orr, perhaps you can answer that, and I'll give Ms. Russell a chance as well.