Mr. Speaker, I, of course, wish to speak to this bill to provide borrowing authority so that the federal government can service its debt. This debate deals with the last budget speech delivered by the Minister of Finance, the hon. member for LaSalle-Émard.
I think it is important to remind our listeners that the 1996 budget contains no tax increases. There is no increase in individual income tax, corporate tax or the excise tax. In fact, there were no tax increases in this budget, which was very well received by the media in general, by the national and international financial community, of course, and by groups of young and not so young people, including seniors.
In its third budget, the government intends to continue keeping the federal deficit under control. Since the last two budgets, we have saved $21.5 billion. This is a significant cut in the present circumstances.
The government's third budget cuts another $1.9 billion. In 1992, Canada's debt amounted to 6 per cent of our gross domestic product. It was a very large debt, one of the largest in the western world.
This year, however, the debt has fallen from 6 to 3 per cent of GDP, and our goal is to reduce this figure to less than 2 per cent. Should we reach this goal, Canada's deficit would rank among the lowest in the western world.
I am also proud to tell you that, of all western countries, Canada is the one that borrows the least, so that it can service its debt and stimulate the economy.
This, I think, is serious evidence that highlights the government's competence and, of course, the finance minister's determination to help and especially to ensure-repeat, ensure-that the Canadian government remains fiscally responsible.
The budget touched on several issues. I especially want to tell Canadian seniors that they can rest assured that those over 65 years of age will continue to receive benefits. The only changes that were made concern people who have single status or earn $52,000 or more. As far as couples are concerned, the program will still apply to those who earn $78,000 or less.
As for young people, it has been announced that nearly $300 million will be invested over the next three years to encourage young people to re-enter the workforce as well as to set up apprenticeship programs. Also, the federal government intends to make sure that twice as many summer jobs are available for students.
I think the government is headed in the right direction. Much attention is paid to independent workers as well as to new technologies and new incentives for business to invest in various areas, including in the rural area.
The past year, the federal government invested in the information highway to make so-called remote areas more competitive and, of course, up to date as regards new technology and the new marketplace, as we know it.
I should also say a word about what has been going on in Quebec, especially over the last few days, as the Quebec government, through its premier, Mr. Bouchard-a former member of this House, as you know-is hosting a socio-economic conference bringing together union leaders, industry and Quebec government members of course.
I am rather surprised to see that the premier has the intention of bringing down a balanced budget within four years. But I think that what is important is to realize why the premier is aiming for the year 2000 with his plans to balance the budget, and that is because, at one time, this man was notorious for his cuts affecting the Quebec government and its employees, who suffered wage cuts in excess of 20 per cent during the 80s.
I think that Quebec will have it hard in the next few years, for two reasons: because of the size of the accumulated debt in Quebec and because Quebec is the Canadian province whose per capita indebtedness is the highest. I must also add that the signal sent to Mr. Bouchard on October 30 last by the people-by the industry, small business and the public in general-is the following: "Put your fiscal house in order and work toward economic growth. This is all we want and this is how we will pull Quebec out of its economic slump".
Unfortunately, the premier still seeks to achieve sovereignty, that is Quebec's independence.
Let me remind you that, as a cornerstone of the Canadian federation, Quebec is very much a winner. This year alone, Quebec will receive close to $11.634 billion in federal transfers, including $3.8 billion in equalization payments.
As regards the issue of equalization, opposition members often tell us that Quebec is the big loser in Confederation, but that is simply not true. Since 1993-94, federal equalization payments to Quebec went from $3.7 billion-again that was for 1993-94-to $3.8 billion the following year and $3.8 billion this year. In
1996-97, they will go up to almost $4 billion. It is obvious that Quebec benefits from being a member of the Canadian federation.
However, in spite of these federal transfers, Quebec is about to make drastic cuts affecting welfare recipients. It will reduce the schools' budgets. I feel, as do several other people, that Quebec will experience lasting difficulties if the political issue, which is a real threat, is not settled.
We are simply asking the premier of Quebec, and I believe I am speaking on behalf of a large percentage of Quebecers who want to remain in the Canadian federation, to sit down with the federal government to find solutions that will ensure jobs and a future for all. This is what we want.
Quebecers voted no for several reasons, the first one being of course that they want to stay in the Canadian federation. But I believe that the political maturity of Quebecers made them realize that, to move forward and reach the objectives that they had as a society, including getting the Quebec and Canadian economies back on track, we must work together.
Time is running out, but let me tell you that Quebec's economic growth will be dependent on political stability. Quebec's debt will certainly decrease, provided we believe in economic growth, which is the key to getting rid of the debt in Quebec and Canada within the next few years.