Mr. Speaker, the hon. member mentioned in her dissertation the effect that interest rates have on the deficit and the paying off of the debt and the deficit. Is the member aware that the Canadian Bond Rating Service has criticized the last budget as being heavy on spending and light on tax and debt relief? In fact, that could reflect an increase in interest rates and this government obviously would then have to pay more money in order to service the debt.
I would like to have the member indicate what the long term plan of the government is to retiring that debt. We see a contingency fund of $3 billion that will be used to retire the debt only if it is not used for something else. Perhaps the member would like to answer those two questions regarding interest rates and the contingency plan.