Mr. Speaker, I rise in the House today to indicate my outrage that Moody's bond rating agency would place Canada's credit rating under review only two weeks before the federal budget comes down. Why did it not just place a horse's head in the Minister of Finance's bed?
We recognize that strong fiscal action is required. We are determined to meet our financial targets stated in the red book. Our deficit reduction target of 3 per cent of GDP is only an interim target while our long term goal is to eliminate the deficit in its entirety.
Canada's inflation is the lowest in the G-7. Our export growth is strong. StatsCanada's composite leading indicator grew by .6 per cent in January and wage settlements only grew by .3 per cent in 1994.
I think it is Moody's that should be watched.