Mr. Speaker, in the fall, the Prime Minister said there would be no recession and no deficit while the Parliamentary Budget Officer projected two years of deficits.
In January, the government had a $34 billion deficit, but the PBO was saying it would be much higher. In May, the finance minister admitted he would break the record with the largest deficit in Canadian history: $50 billion.
Time and time again, Kevin Page has been right when the finance minister has been wrong. Talk about envy.
Now Mr. Page says that the finance minister will have to raise taxes or cut government spending radically. Which is it?