As you know, last week, in Fredericton, the minister brought down the economic and fiscal outlook. As the minister and the Prime Minister have been saying all along, Canada is not an island. We are not isolated from possible contingencies that happen in other parts of the world.
I'd like you to comment a bit on the possibility that we get sideswiped on two fronts. One is the European sovereign debt crisis, although we seem to be seeing some indications that it is improving. The other is the fiscal cliff in the U.S., which we're hearing a lot about right now. Now that the election is over, we are seeing some movement on that front.
We're now about 40 days away from the deadline on the fiscal cliff. If, in fact, the President and Congress do not reach a deal, what would be the consequences for Canada?