Mr. Speaker, I appreciate seeing you in the chair again, first in respect of Bill C-38, and now in the context of the House with respect to Bill C-48.
I too want to make a few comments here. I think some of my Liberal colleagues have a lack of understanding as to what the function of Parliament actually is. Going back to the time of the Magna Carta, Parliament was simply a device that would hold the king accountable for the spending of money. The nobles at that time simply revolted and said they would not pay any more money unless the king took their needs into account.
Parliament is essentially that concept. The role of the opposition, and indeed the role of everyone outside of the executive, is to hold the executive accountable. I see at least three members of the executive here tonight. It is our responsibility as members of the opposition, as well as the responsibility of backbenchers in the Liberal Party, to hold the government accountable.
This is not an issue of Liberals asking Conservatives questions or New Democrats asking Conservatives questions; it seems the only ones who are prepared to stand up and speak about this issue are the Conservatives. Every party should be standing up and holding the executive accountable for the money. We are talking about $4.6 billion; no, $4.5 billion, I am sorry, that is correct. Hanging around Liberals one begins to think of money in that kind of way. In my riding, $100 million is still a lot of money, never mind $4.5 billion.
That is our responsibility here: to ask the executive what it is doing with $4.5 billion. I dare say that if I stood up and read the bill into the record as part of my speech, Canadians would be no wiser as to what the executive is actually going to do with their money.
I was a little disappointed to hear the socialist colleagues of the Liberals state that we are somehow wasting time by standing up in Parliament and debating this issue and asking these questions. Wasting time, that is what was said. It has been mentioned that thousands of dollars in overtime is being spent because of this debate. Let us put that into a realistic context.
That is thousands of dollars in overtime when we are talking about the expenditure of $4.5 billion. What we are doing here tonight in terms of overtime does not come anywhere near to what that money could gain in terms of interest or, indeed, if it were put back in the pockets of Canadians. So yes, there is a price to democracy. Yes, there is a price to running Parliament, but our obligation to the people of Canada is to ask questions of the executive to determine exactly where that money is going.
The point was made also that in another lifetime the Conservatives were spendthrifts and spent all kinds of money. I just want to make a short point here. As I understand it, before the Conservatives came into power, the debt and the deficit were run up by the Liberals. It was a huge debt, especially for that time.
If we look at the spending during the Mulroney years, if we took into account what we had to pay in terms of interest on the debt that the Liberals accumulated during the good years, and if we took that interest away, out of the payments, the Mulroney government would have run a balanced book every single year. That is the reality.
There are some of us in the Conservative Party today who were not happy with Mr. Mulroney. We were unhappy with Mr. Mulroney for other reasons, but in fairness to Mr. Mulroney, he balanced the books. If it had not been for the Liberal debt, running this deficit would not have occurred. That is absolutely clear. Now the Liberals are saying--