Thank you very much, Chair.
Minister, I'm sure you have seen the economic report out today. The economy shrank by 1.1% in the third quarter. Our deficit is currently at $40.1 billion. Debt servicing is now at $46.5 billion, which is more than we spend on health, as pointed out by my leader.
Minister, I said this to your predecessor when she came to committee previously. Fundamentally, inflation comes down to the Treasury Board, because these rates being so high and this inflation being so high are results of government spending. All of the money from the government, Minister, goes through you. You are the one who signs the cheques for the release of these funds.
You will note, Minister, that she is no longer in your chair. You are there now, so I am asking you whether you take personal responsibility for this terrible situation we're in now with these record-high inflation rates and record-high interest rates, which we are now starting to see permeate the economy as, for example, with the TD announcement yesterday on the loss of thousands of jobs. This is only the beginning of it, Minister.
How do you, as President of the Treasury Board, respond with respect to the spending record of your government?