Mr. Speaker, the people who came to the finance committee complained about the terrible consequences of the $4 billion cuts that took place last year.
What the minister does not want to admit is that because he cut so little all those cuts were for naught. All $4 billion was eaten up by increased interest costs. That is the issue.
Furthermore, the finance minister's logic needs some help. The first premise he presented yesterday: deficit reduction leads to lower interest rates, more jobs, economic growth and tax cuts. Premise two, which is implicit in the free-