House of Commons Hansard #27 of the 43rd Parliament, 2nd Session. (The original version is on Parliament's site.) The word of the day was ndp.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she seems to want to take back her speech now. She said that she would impose limits on our debt. She said it, not me. Tell us. What is the limit?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I chose my words very carefully in my speech. I would be happy to read it to the members gathered here tonight. I was very careful in saying, yes there are limits, and that I would have more to say about them later this year, not tonight.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she said that her government will “impose those limits upon itself”. Those are her words, not mine. What limits?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, that is a very fair quote and I meant what I said. I also said I would have more to say later this year in my fall fiscal update. It is not coming tonight.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, we have unlimited time to hear her limits on the debt.
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I think our time is actually limited tonight. As I said, I would be happy to read my speech again. I wrote it myself; I am proud of it.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, well, then just tell us the limit. They are her words.
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, actually, in my speech I was quite clear that I would have more to say about the limits we would impose upon ourselves in the fall economic update, and I am going to stick to those words and that commitment.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, all right, so there are still no limits.
What percentage of the government's debt is now owned by the Bank of Canada?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as the member opposite knows, our government is operating very much within the—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, what percentage of our debt is owed to the Bank of Canada?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, as I said, Canada has the fiscal firepower to do what it needs to do. We have the lowest debt-to-GDP ratio—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, is there a limit to the amount the Bank of Canada can print to lend to the government?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I think the member opposite should be very careful not to ask the finance minister questions better addressed to the Bank of Canada. I am aware of the—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, she holds the shares of the Bank of Canada. She is the shareholder. She holds them all, so she is the only one we can ask in the House of Commons.
How much can the bank print to fund lending to the government?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I want to be very serious for a moment. The independence of the Bank of Canada is one of the central pillars of the Canadian economy, and I am not going to be frivolous about that or make frivolous comments.
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, it would not be frivolous to tell us how much the bank can print to lend to the government. These are not frivolous questions. These questions are worth hundreds of billions of dollars. If she considers that frivolous, I am afraid we have someone in this job who does not care about taxpayers' money.
How much can the Bank of Canada print to lend to the Government of Canada?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I think it is really important to be clear that one of the central principles of how the Canadian economy works is that we have an independent Bank of Canada, something, by the way, that the member opposite has raised questionable questions about. I will not play—
Pierre Poilievre Conservative Carleton, ON
Mr. Chair, how much has the bank printed this year to fund lending to the government?
Chrystia Freeland Liberal University—Rosedale, ON
Mr. Chair, I really want to make clear tonight that an independent Bank of Canada is key to how the Canadian economy works. I think this is something that all members of the House—
