Mr. Speaker, I would disagree with the member's assertion that the spending comes too late. It is only because of our prudent fiscal management over the years. When we did have a large deficit it restricted our ability to fund. We were spending money on interest and deficit payments.
Now that the deficit has been eliminated, we have the ability to provide the biggest tax cut in history of $100 billion, which, as I said, is continuing on. It also allows us to invest in programs for aboriginal people; to increase the disability tax credit for people with disabilities; and to invest in health care.
I am not sure on which items the member has suggested we might be overspending. Is it on health care? Is it the money for people with disabilities? Is it the investment in the tax cuts? Is it the investment in the infrastructure? Is it the investment in the military? I am not sure which one he is referring to.
In spite of the fact that we are helping in all these very needy areas, we also have huge tax reductions and contributions to pay off the national debt. I agree with the member fully that we should be doing as much as we can to pay the national debt, but in the 2003 calender year we will be reducing the personal income tax by $18 billion, corporate income tax by $2.5 billion and employment insurance by $3.6 billion. In the following year of 2004, the increases are even more dramatic: $22 billion in personal income tax; $3.7 billion in corporate income tax and $4.4 billion in employment insurance.
I think it is very balanced and this is what I have heard from many people. It has spending. It has serious tax reductions, especially for my riding, in the resource sector, in mining and in small business. It has provisions for contingency and provisions to pay down the national debt from the funds that remain.