Mr. Speaker, there is no doubt that the implications of the slowing U.S. economy will have their effect in Canada. We will monitor the situation very closely and if it is necessary to take action we will take it.
I think I should be able to simply cite one economic forecaster among the many in the country to tell members exactly what the government has done. Let me simply do so.
The Conference Board of Canada indicates that recent changes in taxation, combined with the spillover from the 2000 budget, have created cuts in personal income tax, boosting household spending power in Canada. It goes on to say that at a time when the U.S. economy is slowing and exporters are hurting, the federal government in Canada appears to be riding to the rescue.