Mr. Speaker, pursuant to Standing Order 52, I ask that the House hold an emergency debate on the use made of budget surpluses and the management of the federal debt. Several economic indicators are disturbing and lead me to believe such a debate is really necessary.
Since August 4, the Bloc Quebecois has been demanding that the Minister of Finance table a special budget to deal with the various problems the Canadian economy has been confronted to in recent months.
First, the recent hike in interest rates by the Bank of Canada, following the ups and downs of the Canadian dollar on international markets, is a key factor that may have a very significant effect on this country's economy and consumer habits if we are not more careful and if expansionist economic policies are not promptly put forward by the federal finance minister in a special budget.
Second, the drop in the Canadian GDP over the past three months, together with an inflation rate that remains below the targeted range, clearly show that the Canadian economy is facing serious difficulties, which have led all analysts to a downward revision of the 1999 growth forecast.
This alarm bell calls, in our opinion, for vigorous and immediate action, if we do not want to find ourselves in a recession within a few months.
For all these reasons, I believe an emergency debate is required. The government must explain and justify its choices, which are contrary to the priorities of the people of Quebec and Canada as well as to the commitments made during the 1997 election campaign and in the budget tabled in February 1998.
The situation is deteriorating a little more every day, and that is why the government must immediately account for its management and take the urgent actions required.
I therefore ask that you give favourable consideration to my request for an emergency debate.