Madam Speaker, I have a question for the Secretary of State for International Financial Institutions.
In terms of monitoring the budget as it progresses from today into the fiscal year, what mechanisms are in place that trigger the government to come back to this assembly to deal with such problems as revenue projections off track?
That could happen on the basis of two things. The first is the cigarette tax reduction and the potential reduction in taxes on liquor across this nation. There is tremendous pressure for that. Second, marketplace interest rates increase significantly. Because of those two factors we would see our deficit moving from $39.7 billion to over the $40 billion mark.
What mechanisms are in place to trigger a reaction by the government in the House?
I want to say two more things to the minister. First, I appreciate we are going to have a review this fall, but that is a long time into the fiscal year to wait to react.
Second, the concern I have with regard to the government's approach is that there were much appreciated cuts but at the same time they were replaced by new expenditures. I do not feel this really came to grips with fiscal accountability.
I would appreciate the minister remarking on the question and the remarks.