Thank you.
Bill C-31 legislates key aspects of the budget, which is a prudent responsible plan to control spending and will help lead to the balanced budget in 2015. Our responsible fiscal position is key to economic growth and job creation for the long term.
We have reduced direct program spending for the third year in a row, something that no other government has done in decades. We've eliminated waste to decrease the cost of government, without cutting programs that Canadians depend on. The deficit has been reduced by almost two-thirds since 2009-10 and is projected to fall to $2.9 billion this year. A surplus of $6.4 billion is expected next year, after taking into account a $3-billion contingency fund.
There are significant advantages to a balanced budget. It further positions Canada as an attractive place to invest and expand business. It instills confidence in consumers and investors by helping to keep interest costs low. It means tax dollars are used for important social services, not for interest payments. It strengthens the country's ability to respond to longer-term challenges, such as population aging and global economic shocks. It allows for further tax cuts, fostering economic growth.
Nevertheless, balanced budgets are not an end to themselves; they're a means to an end, and that end is a better, more prosperous future for all Canadians.