Mr. Speaker, Canadians are living through some of the most challenging times in recent memory. Families are struggling to make ends meet, young people are losing hope for stable careers, and businesses are facing an economy of uncertainty. A housing crisis is pricing out an entire generation, youth unemployment is climbing and productivity, the engine of our prosperity, is in decline.
The Prime Minister promised a generational budget to solve these problems, but the only thing generational about the current budget is the debt it will leave our children. Canadians were told this budget would mark a turning point, with less wasteful spending, more real investment and a plan to lower operating costs while boosting capital projects, yet even the Prime Minister's own fiscal watchdog warns that what is being called capital investment is little more than creative accounting, a sleight of hand designed to mask the truth.
Under the Prime Minister, federal debt has soared to $1.35 trillion. He plans to add another $321 billion over the next five years, which is more than twice what Trudeau would have added in the same period. Interest payments will cost over $55 billion in one year, which is more than the Canada health transfer and is even more than the government collects in GST revenue. That is $3,360 for every Canadian household, money that could have gone to the essential services Canadians rely on. Instead it is flowing to banks to pay interest on debt.
This reflects the same economic approach the Liberal government has relied on for years: heavy spending, large deficits and the belief that government can borrow its way through almost any challenge.
Just months ago, the Prime Minister stood before Canadians and made clear commitments that the budget has shattered. The deficit he vowed to cap at $62 billion now sits at $78 billion. Spending was supposed to shrink; instead it has surged by $90 billion, adding $5,400 per household. Investment is collapsing, consulting costs are soaring and the Parliamentary Budget Officer warns that without accounting gimmicks, the operating budget will run an $18-billion deficit by 2028, breaking the Prime Minister's flagship promise of balance.
These are not just numbers; they are broken promises, and Canadians are left to shoulder the cost. After 10 years of Liberal policies, the results speak for themselves. The self-proclaimed new government is anything but new or improved. Nothing has changed except the name on the Prime Minister's door. After the government got rid of the fiscal anchor of reducing the debt-to-GDP ratio, the Parliamentary Budget Officer has now warned that the ratio will rise and that Canada is no longer on a declining debt-to-GDP path.
The same insiders pull the strings, the same failed policies drive decisions and the same reckless spending continues, with no consideration for the struggles of hard-working taxpayers. That is why fiscal responsibility matters, not just as policy but as a principle I have lived with my whole life. My father came to Canada at the age of 19 for opportunity, and he started work as an electrician. He taught us that hard work is how people get ahead. He also taught us we cannot spend more than we have and cannot expect someone else to pay our debts when we live beyond our means. That is a lesson the government seems to have forgotten.
It was the same with my grandparents. They came to Canada with nothing but hope: hope for freedom, stability and the dignity that comes from providing for one's family. My grandmother was so thankful to come to Canada, and after one of her grocery trips, she was so thrilled about her full fridge that she took a photo and proudly sent it to her friends back home. To her, that picture was not just about the food; it was about Canada's promise to provide security, opportunity and a better future.
Back then, a full fridge was possible on one income for a family of nine, with no fear of falling behind on other household costs, but today that promise is slipping away. Parents are skipping meals so their kids can eat. A full-time job is no longer a guarantee that there will be enough money at the end of the month to pay the bills. The full fridge that my grandmother once celebrated is now empty for far too many people, yet Canadians are being asked to sacrifice even more by the Prime Minister.
Canadian food banks are seeing the impact first-hand, with over two million visits every single month. That is the highest level ever recorded, and numbers have doubled in less than a decade. Families that once donated are now standing in line. Food banks were never meant to become a permanent part of life for working households, but now their use is becoming normalized for people with a full-time job. Those are not my words; they are the words of the “Hunger Count 2025” report from Food Banks Canada.
The budget does nothing to change that. It piles on more debt, more pressure and more spending, without any plan to make life more affordable, and behind all the numbers are families and seniors whose lives are being upended. I recently spoke with a woman in her mid-seventies who shared something I will never forget: She can barely afford groceries, and she lives in constant fear that her furnace might break or that she might face a medical emergency. After a lifetime of hard work, she feels she has no safety net. She told me quietly that some days she hopes she will not wake up, because living in fear and indignity feels worse than dying.
In a country that once promised security and opportunity, no one should ever feel that way. That is not the Canada she believed in, and it cannot be the Canada we leave behind.
The budget does not just forget our history; it also disrespects the people who wrote it in blood and sacrifice. Our veterans are facing broken promises too. After putting on the uniform and defending Canada's freedom, they now see that the government is cutting Veterans Affairs by over $4 billion in the next four years. That is not just a budget line but a betrayal of the people who gave everything for our country.
Budgets are about priorities, and this budget makes them painfully clear. The priorities of the Liberal government are focused on Ottawa insiders, bureaucrats and bankers, all of whom stand to gain. They are not focused on making life affordable for the people in my community of Cambridge or across Canada. It is a split-screen contrast, with working Canadians on one side and the Prime Minister's well-connected friends on the other.
The budget is full of handouts for the Prime Minister's corporate buddies at places like Brookfield. It is going to create new bureaucracies, when businesses are already suffocating under piles of red tape. It is going to ship billions of dollars to wealthy bondholders as the Prime Minister loads up more debt onto the Canadian credit card. It will create higher taxes, more inflation and bigger borrowing costs for everyday people who cannot get by as it is.
Brookfield has been exploring investments in airports. Now we can see, buried on page 100 of budget 2025, a single vague sentence that states, “The government will also consider options for the privatisation of airports.” Is that coincidence? Hardly. When we connect the dots of the Prime Minister's interest at Brookfield and the company's interest in airports, it raises serious questions about whose interest the budget really serves.
Let us remember that the Prime Minister was once an executive at Brookfield, one of Canada's largest and most diversified companies, which later moved its headquarters to the U.S. and has been accused of using offshore structures to avoid paying up to $6 billion in Canadian taxes. The list goes on. In the budget, the finance minister wrote, “We will build new infrastructure and capitalise on projects that further Canada’s standing as a clean energy superpower.” Which company is one of the largest investors in solar panels and clean energy? It is Brookfield. Which one owns companies that manufacture and install heat pumps? It is Brookfield again.
As of recently, the Prime Minister owned approximately seven million dollars' worth of Brookfield stock. Does anybody believe that with a blind trust in place, the Prime Minister is just going to forget about all that wealth sitting in his portfolio? The only thing growing as fast as Brookfield stocks is our food bank lines.
The Prime Minister's conflicts of interest are costing Canadians, and that is not the only big handout in this budget, which contains billions for subsidies, initiatives, special funds and climate programs, with no performance measures, no timelines and no accountability. It is the same tried and true recipe that gave us a $1-billion infrastructure bank that built almost no infrastructure, a $1-billion housing accelerator that built almost no housing, and a $1-billion green slush fund whose only accomplishment was to send big bonuses to Ottawa bureaucrats.
The government is mortgaging Canadians' future, plain and simple. Canada should be a place where hard work leads to security, not to a future buried in debt. That is the promise my family believed in, and it is the promise millions of Canadians still hold today. We can keep that promise, but only with a government that respects taxpayers, lives within its means and puts Canadians first.