Mr. Speaker, my question is also for the Minister of Finance.
The minister's budget projects a bank rate of 4.5 per cent, a long term bond rate of 6.4 per cent and interest costs of $41 billion this year. It also predicts a 1 per cent rise in interest rates will add about $1.7 billion to the deficit.
Today the Bank of Canada rate is already half a per cent higher than projected and rising interest rates are mainly due to higher interest rates in the United States over which the government has no control.
Will the minister today acknowledge that his estimates for next year's budget deficit are simply too low? Just acknowledge it so that the House can get on with addressing the real problem that represents.