Mr. Speaker, I thank the hon. member for a very important question.
Our debt repayment plan is very simple. First of all, two year rolling targets which we have always met or surpassed. Second, very prudent economic assumptions. Third, a contingency reserve of $3 billion. Fourth, if not needed, that goes directly to pay down the debt.
As a result, we paid down the debt by $3.5 billion last year. Our debt has fallen from 71.2% of GDP to 65%, going to 62% in—