Thank you for the question.
Indeed, we are not talking about $12 billion, since the amount of $13.8 billion obviously includes money given to the Canadian Mortgage and Housing Corporation for housing-related matters. That is for all infrastructure. That is why, in my presentation, I talked about $12 billion over two years. We have to consider the amount of $1.3 billion, in addition to the $700 million announced in the latest update.
You did understand the data in the table. First, the announcement of $3.9 billion was made. To make our forecasts in April, we calculated the potential repercussions. When we redid our calculations in February, we realized that not all that money will be spent and, therefore, that the economic impact will not be what we anticipated. We were a bit more pessimistic in February.
I should point out that supplementary estimates (C), published last week, where we learned that $820 million set aside for infrastructure would be frozen, confirmed that not all the money would be spent this year. But that does not mean it will not be spent within the two-year period; the second year must also be taken into account.
My colleague Mr. Jacques, who is here, often talks about skyrocketing expenses incurred at some point during the period. Former RCM mayors and wardens who are in the room are well aware of what happens.