Mr. Speaker, while inflation continues to drive food prices higher, the government still has not taken the one step that could start to restore confidence. We are coming perilously close to summer, and Canadians still do not have a budget. Parliament voted unanimously for the government to bring a budget forward in April. Instead, all the Prime Minister says he will do is take note of the vote. That is not leadership; that is disrespect, and it is not acceptable.
Here is why a budget matters, especially right now. Investors are concerned, and if they are concerned, we have a problem. Canada's debt issuance is set to surpass $628 billion this fiscal year, beating even the pandemic-era high. That is a massive pile of debt. As the government borrows more, markets demand higher interest to compensate for rising risk. Canada's 10-year bond yields have already jumped over 50 basis points since April, hitting around 3.3%.
Investors are getting nervous, and they are starting to demand higher returns before they will lend Canada money. That means long-term borrowing is going to get a lot more expensive, and fast. Without a budget, no one knows how much the government plans to borrow or what it will spend it on, and that makes investors nervous. When they see runaway spending and no plan to pay for it, they demand higher returns to cover the risk. That drives up interest rates, and the cost of borrowing goes through the roof.
When a government borrows more, it means less money left over for hospitals, schools and roads. Inflation drives up interest rates. Higher interest rates drive up food production costs. Debt servicing for the farm is already a major cost. It is one of the highest costs for farmers and they cannot afford more. When the government refuses to lead or even show a plan, every Canadian is left holding the bag, paying more at the grocery store, on their bills and in their taxes.
Across the country, Canadians are doing everything right. They work hard, they budget carefully and they make sacrifices, but the government taxes the farmer who grows the food and spends without restraint while inflation skyrockets. When Parliament demands a budget, the Liberals shrug and say they will take note. Well, Canadians deserve better than that. In Cloverdale—Langley City, I have seen seniors line up for food banks and parents skip meals. Families wonder how much longer they can keep stretching their dollar. They are not asking for much, just a government that lives within its means and helps them to do the same.
Let me close with this. No parent should have to choose between a power bill and putting food on the table. After years of broken Liberal promises, it is time to put Canadians first.