Mr. Speaker, the dismal economic predictions from last December have given way to unexpected economic growth for the first quarter of 2002. Tax revenues are flooding into federal coffers and economists now peg the federal surplus at between $7 billion and $10 billion.
The big question is, what is the Minister of Finance going to do with this surplus? I say he should keep as much as possible from his free spending cabinet colleagues to pay down the $547 billion national debt. When faced with an unexpected windfall most reasonable people would take advantage and pay down a chunk of their debt. They would not go on a new excessive spending spree, especially if interest payments were almost one quarter of their budget.
Last year interest payments on debt cost Canadian taxpayers $42 billion. The Liberal government must control its spending habits or debt repayment will fall by the wayside. If we do not pay off the debt during good economic times, when will we?