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 g

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 prog

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  If the budget announced by the government includes, for the next five years, fiscal projections that make the established limit insufficient, the limit must be raised. If the limit can't be raised, it's as if the government can't get the established budget approved.

Finance committee  First of all, I'd like to clarify something about the three-year time frame I was talking about. The government of the day can decide to adjust the borrowing limit every year, if it wishes. Under the proposed measure, the government would have to return to Parliament at least on

Finance committee  I beg your pardon?

Finance committee  It doesn't, no. No loan guarantees are included in this number.

Finance committee  You're totally correct. My statement was that Canada is the only country with a AAA rating from all the rating agencies—

Finance committee  I'm not done with my statement. I also said “with positive interest rates along the curve”, which is not the case in Germany right now because there are some sections of the interest curve that are still negative in Germany. But you're totally right that Germany also has a AAA ra

Finance committee  No, it's no problem.

Finance committee  The thing that has to be taken into account is the government's capacity to make payments. We are talking about just over a trillion dollars of debt—billion in French, if we use the correct term. As a share of GDP, that's 50%. From that standpoint, when you compare Canada with ot

Finance committee  I admit that the decision to do it every three years is somewhat an arbitrary one. However, it would be extremely onerous to have to return to Parliament every year to set a new borrowing limit. It's about the same as the current system; all we are doing is examining the debt flo

Finance committee  Thank you, Mr. Chair. We're here to present and answer your questions on division 2 of part 4, clause 103 of the budget implementation act, which introduces the proposed borrowing authority act. This act authorizes the Minister of Finance to borrow on behalf of the crown and pro

Finance committee  Thank you, Mr. Chair. Budget 2016 proposed adjustments to the Royal Canadian Mint Act. Amendments to the act are proposed to facilitate effective and efficient operation of the Royal Canadian Mint. The following are the proposed amendments. First, clause 136 amends the Royal Ca