Mr. Speaker, regarding the balanced budget, before the global recession hit, our Conservative government paid down over $37 billion in debt, bringing Canada's debt to its lowest level in 25 years.
It is because we paid down the debt that we were in a position to help the economy when it needed it most. Our fiscal responsibility and aggressive debt reduction placed Canada in the best possible position to weather the global economic storm.
When the global economic recession hit, we were able to respond quickly and effectively with Canada's economic action plan. Here are some examples of how well we are doing. Canada's net debt to GDP ratio was 34.6% in 2012. That is the lowest level among G7 countries. Germany, by contrast, is the second lowest at 57.2%. The G7 average is 90.4%.