Madam Speaker, the maximum that was cut from annual transfers to the provinces was about $6 billion.
At the same time, one must admit that the provinces benefited from other transfers, including the infrastructure program, the child tax benefit and equalization. Quebec got $1 billion more with equalization, other transfers and lower interest rates. This was a major advantage in that they spent only 13 cents for every dollar in revenue whereas the federal government spent 26 cents for every dollar in revenue.
The member is wrong when he suggests that $42 billion was cut from provincial transfers. This is completely false. We have to be honest with people.
Although transfers were indeed cut, increased funding for other programs aimed at the provinces almost made up for these cuts. Provinces really benefited from our fiscal achievements.
In response to the hon. member's statement that we destabilized provincial economies, allow me to repeat what Bernard Landry said in the National Assembly: “We must take steps to help the country shed the debt we contributed to”.