Finance committee  In this case, it would reject most of the budget implemented. The budget limit is established based on the government's financial needs, which are specified in the budget. Do you understand what I mean?

Finance committee  It will be more transparent in the sense that the public can now know the facts, since the facts will be reported at least once every three years. Under our current system, only the marginal increase in the debt is reviewed each year. It may be slightly more difficult for Canadian taxpayers to understand the data than to review all the government's borrowing requirements over a maximum of three years.

Finance committee  The limit would be raised through the borrowing authority. Essentially, it would be a legislative process, so it should be tabled in Parliament.

Finance committee  Exactly.

Finance committee  If the government were to announce new appropriations or new budgetary expenditures that exceed the limit, it would need to request a new budget limit. To do so, it would need to go through the whole process. That's how the system allows for more transparency, as I said. If the government wants to spend more and the limit becomes restrictive, it will need to be transparent and ask Parliament to raise the limit.

Finance committee  That's very true. However, we're talking here about an emergency, an unforeseen economic shock that would require the government to increase its borrowing program. That's completely different from a situation where the limit is raised because the government wants to increase program spending or tax credits.

Finance committee  The exact number is $1.1—

Finance committee  The current stock of debt at the federal level is $691 billion.

Finance committee  To that you need to add the crowns—

Finance committee  —which is $276 billion.

Finance committee  I don't have it with me, but—

Finance committee  Yes, of course.

Finance committee  Of course, we have that.

Finance committee  I don't have the number for this year, but for 2016, the average rate for our borrowing program was 0.6%, so 60 basis points.

Finance committee  Yes, 0.6. The overall interest rate of our total stock of debt at the federal level is around 2% right now, so 200 basis points. The overall cost of our debt, on average is around 2%.