Mr. Speaker, we recognize the terrible impact of huge deficits on our economy. When we took office the deficit was at $42 billion. We are still paying about a third of every tax dollar to service the interest on our debt.
This is why, in a time period that is less than any Reform package put forward, we will have our budget in balance. We are starting to pay down the debt. At the same time we will never adopt the Reform formula for doing it. This is the party that was to cut taxes. At the same time how would Reformers have paid for it? First, they would cut drastically the programs to help with the pensions of seniors. Second, they would cut transfers to the provinces for education and for health care. Third, and probably the most draconian of all, as seen through all their budgets which keep shifting with the political winds and the latest polls, they would cut equalization to the poorest regions and the poorest people.
We will not cut taxes to break the backs of those who need it most. We never will. We will have a balanced approach. At the same time as we are gradually cutting taxes, starting with those most in need, the disabled, the students, the working poor, and helping charities and the voluntary sector do more to increase tax incentives, we are helping those who need it most by sustaining the programs that help Canadians have a secure retirement, strong education and strong health systems. Those are our priorities.