Thank you, Mr. Chair.
Thank you for coming today, Minister.
As you may have heard, we got a little flak from some of our opposition colleagues by saying that we would work to get this bill through at lightning speed by parliamentary standards. I agree with you that we are faced with a crisis and that urgency is crucial. But I have three questions, and if I may, I'd put my three questions all at once, which in part underlines the urgency.
First, you mentioned EDC and BDC. As I understand it, there's something on the order of $8 billion committed in the budget. Given that the credit situation is getting more and more serious, according to reports, and given the disturbing news that I have heard from representatives of the business community that BDC does not share my sense of urgency and it may take some months before they even decide how to proceed, I would like you to be able to commit to Canadians that BDC and EDC will act with urgency.
I don't know the exact commitment that can be made, but if the number is $8 billion, is it reasonable that all of that $8 billion get out the door within twelve months? We would like to have some indication of your degree of urgency on this, especially in light of indications of a less than urgent attitude on the part of some of those institutions.
To my second question, yes, we want to get everything in this budget that has to do with stimulating the economy through as fast as possible. There are many items in the bill that have nothing to do with stimulating the economy and may be contentious. Will the government entertain any amendments that are not to do with getting money out the door, or do you consider every word and item in the bill to be set in stone and a matter of confidence?
My third and final question is what I tried to raise in question period, which had to do with the tradition since Confederation that the government goes to Parliament with a borrowing authority bill when it seeks to borrow money to finance a deficit. For the first time in Confederation, it appears that this is not the government's intention, which, I would contend, trivializes the enormous debt that is being placed on our children and grandchildren. Will the government seek authority from Parliament to borrow, as has been the tradition since Confederation, or will the government simply do this by order in council?