moved for leave to introduce Bill C-363, an act to Prevent Deficit Budgets.
Mr. Speaker, the enactment of this bill would provide that there must be no deficit either budgeted or incurred in any fiscal year. It would require a contingency reserve to be included in the estimates of expenditures for each year. If that contingency reserve is not fully expended, the balance must be used to pay down the debt.
Deficits caused by natural disasters, war or unusual collapse of revenues are excluded by such special deficit but must be recovered in the following three year budgets.
(Motions deemed adopted, bill read the first time and printed)