Mr. Speaker, I think that even if we do not take into account the debt of regional and local governments, what we call towns and municipalities in Canada, we could quite easily consider the debt or deficit of provinces. Since data are not always comparable between local, regional or municipal governments, it is true that they can hardly be added to the total amount.
If you consider only provincial deficits and add them to the federal deficit, there is no doubt that even next year or two years from now we will still be above 3 per cent of GDP. To be very conservative I would say that the percentage will be 5 per cent and in the case of provinces which are more indebted, like Newfoundland and Quebec, it could even be higher.
I concur agree with the hon. member when he says that an increasing number of provinces are eliminating their deficit. A majority of provinces will eliminate their deficit, in some cases this year but even more next year, but Ontario and Quebec still have large deficits. Therefore, if you add the deficits of the two main provinces to the federal deficit, I do not believe it will be at 3 per cent, but probably much closer to 5 per cent.