Mr. Speaker, first, when we run a deficit, we increase debt. This is a truism. There is nothing surprising in that. However, it is important to look at certain important ratios, like the projected ratio of the deficit to GDP. If we look at 2015-16, it will be under 1%. If we look at 2016-17, it will be under 2%. Then by 2019-20, it will be under 1% again.
I would like the hon. member to look at the period in history that saw Conservative governments in power in Ottawa. In 1984-85, the budget deficit, as a percentage of GDP, was 8%; then 7%; then 6%. If we look at the most recent Conservative government, the deficit as a proportion of GDP was higher than we are expecting for the next few years.
I think the figures speak for themselves. Yes, when we have a deficit, we have to borrow. However, long-term interest rates are dropping, and that is a good sign for future interest payments.