Mr. Speaker, I would like to begin my remarks by continuing on the theme that the member for the Reform Party discussed. It had to do with the contradiction of the Bloc Quebecois coming into the House and constantly talking about separation, yet at the same time asking for more support for megaprojects.
I have absolutely no problem with the members from Quebec fighting for their constituents, for their community and for projects that will help revitalize the city of Montreal and the province of Quebec. If we can get the economies of Montreal and Toronto going again it will go a long way in affecting all parts of the country.
What bothers me is the fact that the members from the Bloc never talk about the announcement that the Minister of Finance made on January 21 when he stated the terms of the five year equalization renewal, the equalization entitlement. As you know, Mr. Speaker, because of our Constitution we have an equalization formula. It is a complex formula where the provinces of British Columbia, Alberta and Ontario, which are the wealthier provinces, are contributing to those provinces in our Confederation that do not have the same resources.
On January 21 the Minister of Finance announced a $70 billion package for the province of Quebec. Over the next five years there will be a transfer of funds that will go to the province of Quebec, unfettered, no strings attached. I have yet to hear a member of the Bloc acknowledge that the $70 billion transfer under the equalization entitlement to the people of Quebec is a good thing. They seem to pretend it is not happening, that it does not go on.
I am not begrudging this transfer in any way. It is part of our contract to keep Confederation together. But when they stand in the House and talk about some of the difficulties we are having collectively in trying to get our economy going again, I wish in fairness that they would acknowledge the fact that for the last five years on equalization the province of Quebec received $50.2 billion and for the next five years it will receive an additional $70 billion.
The people in my community in Toronto cannot figure out transferring $130 billion to a community that is talking about separation. I am waiting for the day when the Bloc members start speaking publicly about the equalization entitlements and
the amounts that the people of Quebec will be receiving over the next five years.
They should not confuse their constituents by saying, as the member of the Bloc stated earlier, that they pay so much in income taxes to the federal treasury. I think the member said $28 billion or something and that they should have all of that back. They get all of that back and more under equalization.
Therefore, do not link the income tax being paid to the equalization entitlement. They are two separate issues. The equalization transfer is over and above all the other programs, services and fundings that are transferred to the province of Quebec.
I want to say, as someone from downtown Toronto, that to spend $100 billion over the next five years to keep Quebec feeling that it is part of Confederation, I personally would have absolutely no problem.
It was a very rough week for us in Toronto. We thought we were going to receive the centre for NAFTA for the environmental studies. We did not receive it but that is the game. You win some and you lose some. I guess my point is that I wish the members of the Bloc would show some of appreciation, not just to their constituents but to the people of Canada.
I realize that is just a little bit off topic from the budget amendment that we are discussing today but I thought it was relevant to the debate.
The part of the bill I would like to speak specifically to has to do with part IV, the borrowing authority of C-17. This is the section in the bill where-and I can see my friends in the Reform Party getting twitchy already-through the approval of the Minister of Finance, we are authorizing the Canadian Broadcasting Corporation, Radio-Canada, to a further borrowing power of $25 million.
I know that the members of the Reform Party have great difficulty with how we, when we are in such difficult times, could authorize for the CBC a further indebtedness or a further support of $25 million. I want to say to members on the other side that this is the right thing to do.