Mr. Speaker, a longtime Canadian foe is on its deathbed. I am speaking of course of the federal deficit.
This government's accomplishments in the area of finance are impressive. We have consistently met and even bettered our deficit targets. When we took office the deficit stood at $42 billion. Through balanced, effective spending cuts, by 1997 we will have reduced the deficit by $33 billion, nearly 80 per cent.
What does this all mean for hard working Canadians? It means lower interest rates. It means they are saving almost $500 annually on a $15,000 car loan. It means saving $3,000 on a one-year $100,000 mortgage. It means the economy is improving and jobs are being created. Most important, it means this government has delivered on its commitment to build a strong framework for jobs and economic growth which Canadians so rightly deserve.