House of Commons photoWon his last election, in 2000, with 51% of the vote.
Budget Surpluses November 1st, 2002
Mr. Speaker, I am very interested in what the Auditor General says, but I am sure she would agree that forecasting surpluses or deficits is more of an art than a science. We have the example of the United States, which had forecast a surplus of $235 billion for the year just ended, but ran a $165 billion deficit instead.
Since we do not know whether or not we will have a surplus, how do we know how we will be spending it, before the end of the year?
Budget Surpluses November 1st, 2002
Mr. Speaker, we have just determined, with the confirmation of the Auditor General, the surplus for the financial year ending March 31. How can we turn back time to last year, to reduce last year's surplus by spending? We need to be logical here.
Budget Surpluses November 1st, 2002
Mr. Speaker, there was a big debate in the fall of 2000 and the government was re-elected. I consider the support of Canadians as clearly based on the fact that they prefer surpluses over deficits.
Finance October 31st, 2002
Mr. Speaker, in fact there are a good number of people who are involved in dealing with any proposed merger should a proposal formally be made. That includes the Office of the Superintendent of Financial Institutions. It includes the Commissioner of Competition. It will include committees of the House which will need to examine any such proposal on the basis of the public interest.
I and my colleagues will all have views on whether the interests of the public are best served in any proposal.
Finance October 31st, 2002
Mr. Speaker, I refer the hon. member to the Bank Act and to Bill C-8 in the last session, rather than to whatever day's newspaper he may have been reading.
Financial Institutions October 31st, 2002
Mr. Speaker, I do not know whether the people who the member refers to said the things he claims they said. If they did, they are not true.
Financial Institutions October 31st, 2002
Mr. Speaker, there was no decision to reverse. There is a law. It was passed last year in the House, called Bill C-8. It provides for formal applications for mergers. If banks wish to make a proposal under the law, they are perfectly free to do so.
Taxation October 31st, 2002
Mr. Speaker, both levels of government have the same taxing powers, except that the provinces also collect royalties on natural resources and lotteries. I know that there is a great deal of uncertainty. Making forecasts is not an exact science.
We also know that, in the United States, they anticipated a surplus in excess of $200 billion for last year, but they now have a deficit of over $165 billion.
I prefer to make mistakes that result in a surplus rather than a deficit.
Taxation October 31st, 2002
Mr. Speaker, there is no fiscal imbalance. We know that the Bloc Quebecois thinks there is a fiscal imbalance when there is a federal surplus, but it does not talk about an imbalance when there is a federal deficit.
The level of the deficit in the 20 years prior to 1997 was much higher than the level of the surplus in the past four or five years.
Therefore, I presume he thinks that it is justifiable for the provinces to help reduce the federal government's accumulated deficit.
Budget Surplus October 31st, 2002
Mr. Speaker, the provincial governments have reduced the taxation level in the provinces, presumably because they decided that the taxpayers were paying too much to their provincial governments.