Mr. Speaker, it will never happen again as I have just been told. However, I still want to correctly congratulate the Minister of Finance for the work he has done in crafting the budget. His name may not be Lois, but he is one heck of a guy doing one heck of a job.
This is the first minority budget delivered in over 25 years. Although I was not involved directly in the budget making process, I did find it a very interesting process. I do see the footprints of the other parties on this document, which I believe is a good thing. That is what Canadians want. Good things happen when people work together. The budget is a good statement of the priorities of Canadians.
I want to talk about the whole issue of sound financial management, prudent planning, responsible spending, and the careful use of the fiscal and monetary levers at the government's disposal. This is the eighth consecutive surplus budget tabled by the government. Approximately $61 million has been paid down in the accumulated debt of this country. The debt to GDP ratio has dropped from 68% to approximately 38%. Economic forecasts are good. The GDP is forecasted to be 2.9% this year, rising to 3.1% next year. We are the envy of the other countries in the G-7. We were the only country in that group to table a surplus budget in 2004.
Sound financial management will, as we have seen over the last eight to ten years, lead to lower inflation, which of course leads to lower interest rates. That helps the provinces that borrow heavily. It helps the municipalities. It helps the large businesses. It helps the smaller businesses. Most important, it helps the ordinary Canadians who borrow money for a mortgage, to purchase a car, or to purchase a refrigerator. Lower interest rates mean increased economic growth.
In last June's election this party campaigned on issues that were important to all Canadians: health care; improving and enhancing the equalization funding formula to the 10 provinces; making a new deal to provide federal funding for the infrastructure requirements of the cities, towns and communities of this great country; and one other matter, developing an early learning and child care initiative. These issues, and there were others, were central to the platform of the party. These issues, through the Minister of Finance, are issues on which we are committed to follow through. We are doing exactly that.
Only months into the mandate, the Prime Minister sat down with the provincial and territorial first ministers and devised a 10 year plan to strengthen health care. Federal government support for this health care accord will total over $43 billion over the next 10 years. The budget also provides a further $800 million in direct federal health investments over the next five years. That was done within 87 days of the June election. Those commitments were funded in yesterday's budget.
The government has also delivered on equalization, developing a framework that will see predictable and growing long term support. This will add in excess of $33 billion more over the next 10 years to give the provinces and territories the stability needed to be fiscally responsible. This goes a long way to place all Canadians on an equal footing for standard of living and access to quality services.
In the budget yesterday the government also committed to fund a new deal for cities and communities. A $5 billion share of its gas tax revenues will go to cities, towns and communities across the country. These much needed funds will bring sustainable infrastructure where it is needed the most.
In addition, as part of our commitment toward sustainable communities, a further $300 million is committed for green municipal funds.
Although no agreement has been reached with the provinces as of yet, the government has committed funding in the amount of $5 billion toward the early learning and child care initiative. This will give the youngest Canadians the best possible start in life.
These are some of the commitments the government made, and Canadians will see these commitments upheld. Simply put, the government is delivering to Canadians.
I want to speak specifically about some of the programs and initiatives that will directly affect Atlantic Canadians, including my home province of Prince Edward Island.
I am especially encouraged and pleased by the government's commitment to the findings in the Rising Tides report. I chaired the subcommittee that produced the report, and I know about the importance of investing in the Atlantic economy.
With a new $710 million initiative, the government has committed funding to our four Atlantic provinces to support economic development. This includes a $300 million Atlantic innovation fund to support research, commercialization and innovation throughout all four Atlantic provinces.
Other good news for the region includes a $30 million investment to create an Atlantic salmon endowment fund similar to the fund that presently exists in the province of British Columbia. This much needed fund will improve the sustainability of one of our most important resources.
The government has also committed $15 million to combat overfishing and to protect fish stocks and the livelihood of Atlantic Canadians. This is just one step in the whole process of illegal foreign overfishing. The Prime Minister, the Minister of Fisheries and Oceans and the government have made this a priority.
Although a wind power production incentive already exists, it will be increased by an additional incremental amount of $200 million over the next five years. This is very near and dear to the province where I live. We have some capacity for wind power right now, but we believe this capacity can be enhanced over the next couple of years.
I was very pleased with not only the environmental funding that was in the budget, but also by the government's commitment to provide funding for cities and to other groups, communities and organizations. This funding will go through an environmental lens before any agreements are concluded.
I would like to speak about the announcement that was made last week with respect to our Canada pension plan. I know this is not a budgetary item, but it is a sign of sound fiscal management. We have been told that our Canada pension plan is actuarially sound, and this is pleasing news for all Canadians.
The increase in the guaranteed income supplement and lower taxes for individuals and companies is well received by everyone in my area.
The government has again presented a sound and balanced budget. This shows that the government can deliver on its promises. It also shows that we have a clear and strong vision on how to move the country forward.