Mr. Speaker, many Canadians are demanding that the government increase its efforts to reduce the deficit. We must cut the deficit now while the economy is still expanding. The government does not appear to be listening, but maybe it will listen to the latest news.
The International Monetary Fund is also disappointed by the government's deficit reduction targets. A confidential IMF report said that it would be appropriate to plan on the basis of a more ambitious medium term target in the 1995-96 budget, with a view to accelerating fiscal consolidation the next few years.
Along with the IMF, market watchers are becoming uneasy with the federal government's 3 per cent target. Last month witnessed the largest sell off of foreign held Canadian securities since the eve of the Charlottetown accord.
When will this government get the message that 3 per cent is not enough? The debt clock today is $540,471,337,554.19.