Mr. Speaker, on the day when the Ontario finance minister is setting the stage for his ninth consecutive Liberal deficit, Canada's finance minister has announced that he will be bringing the same Liberal approach to Ottawa.
The Liberals inherited a surplus of $2.2 billion. Guess what? It is already gone. In just 100 days the Liberals have gone on a $5 billion spending spree, and that is before taking any action on their platform spending commitments.
We now know that the federal deficit will be in the range of $30 billion, three times the election promise. The finance minister is admitting that he will not fulfill the mandate letter of the Prime Minister, which directed him to balance the budget in the first term.
The Liberals have big plans to recklessly spend on borrowed money and no plans to pay it back. They have abandoned all of their fiscal anchors, and Canadian families and businesses will be on the hook to foot the bill.