Madam Speaker, I agree with the member for Carleton that unless we get our spending under control, the risk of increased interest rates is an incredible threat to this country.
I lived through the recession of 1981-1982, when basically there were so many jobs lost that one could not buy a job. Interest rates were over 20%. I personally paid over 9% on a primary mortgage. Our second mortgage was over 12.5%. Those kinds of interest rates are possible, so we must get government spending under control.
Also, most of this borrowing has been done under short-term rates that are subject to change. If it is going to continue, much of it needs to be done under better terms than the government has negotiated.