Thank you, Mr. Chair.
Thank you very much, Governor Carney; it's good to see you again, and hello, Mr. Macklem. Thank you both for coming in over the summer months. We appreciate it.
You began speaking about the global situation and the potential downturn because of the political issues in the U.S. lthat led to the debt ceiling agreement. My question is about the outcome of the debt ceiling agreement.
We saw the downgrade by Standard and Poor's and the gyrations in the stock market. As part of that agreement, there are going to be spending cuts imposed by the U.S. government in exchange for the increased debt ceiling, which is going to be revisited in 2012. The United States is our largest trading partner, and 70% of our exports go there. Could you describe the potential impacts of those cuts on the Canadian economy?