In terms of whether the limit is restrictive, I understand the following:
The proposed new borrowing authority framework would provide the Government with flexibility to meet unforeseen needs and standing authority to refinance outstanding market debt, subject to an annual approval by the Governor in Council.
So the cabinet....
So you have some flexibility. If you must quickly raise the authorized budget limit, for unforeseen reasons, you can do so through the Governor in Council, without Parliament's authorization. That's what it seems.
Is that true?