Paul Martin on The Economy

Mr. Speaker, what the Minister of Industry said was that the global economy was in a recession. There is no doubt that when we look at the problems in the United States, Japan and Europe, members will understand the very difficult context within which the government is now doing this budget. It is in fact because of the slowdown that is outside of our borders. It demonstrates the extent to which we have a very important balancing act in terms of providing stimulus, in terms of staying out of deficit and in terms of making sure we do things consistent with our long term plan. I can assure the House that we are up to the challenge.