Thanks very much.
I appreciate your being with us, Mr. Giroux. I have just a few questions.
I will start where my colleague Mr. Fast left off, on the issue of the borrowing authority sought in Bill C-14. Some of my colleagues on this committee have previously referred to it as a blank cheque. I think Ms. Jansen actually used that phrase in the previous panel.
I just want to get confirmation. There is a significant difference between the borrowing authority and spending decisions of Parliament. Could you just explain that distinction, please?