Posts Tagged ‘budget deficit’
May 26 to 28, 2009 - Finance Minister Jim Flaherty says Canada’s 2009/10 budget deficit will grow to over $50 billion, about 50% higher than the $34 billion deficit projected in January.
Liberals demanded Flaherty’s resignation for ‘gross incompetence’.
The government defended its deficit, saying it is necessary during a recession and affordable given Canada’s favourable fiscal position relative to other leading economies.
- The Economist: How indebted rich countries will be in 2014
Stephen Harper predicts Canada will emerge from the global recession faster than other countries, and stronger than before.
Canada was the last advanced country to fall into this recession, we will make sure its effects here are the least severe, and we will come out of this faster than anyone, and stronger than ever.
- Prime Minister Stephen Harper
The Liberal Party will support the 2009/10 Federal Budget against the wishes of their coalition partners in the Bloc and NDP.
Liberal leader Michael Ignatieff says he is putting the government “on probation” with a budget amendment requiring the government to report back to Parliament in March, June and December.
Ignatieff refused to consult with the government on the creation of the budget, and the Liberals did not include any specific policy proposals in their budget amendment.
I did not consult him in advance, I see no obligation to … I told the Prime Minister very clearly: I’m the leader of the oppostion, he’s the Prime Minister. Its his budget, not mine.- Michael Ignatieff
NDP leader Jack Layton and Bloc leader Gilles Duceppe say the move effectively kills the Liberal-NDP-Bloc coalition.
Stephen Harper is going to remain in office because Michael Ignatieff has decided to to keep him there.
- Jack Layton
The coalition is dead, its finished, its over.
- Gilles Duceppe
Finance Minister Jim Flaherty announced the Canadian government will return to deficit spending as he tables the first recession budget in over a decade.
The budget includes stimulus spending on infrastructure projects, a home renovation tax credit, and income tax cuts for those earning less than $80,000 per year. The government is expected to run a deficit of $33.7 billion for the 2009-10 fiscal year and $29.8 billion in 2010/11.
Flaherty said the uncertain economic outlook may still get worse, and the government is prepared to for larger deficits if current forecasts prove optimistic.
The budget includes a plan to return spending to a surplus after 5 years, and promises any future surpluses would be used to pay off the debt accumulated from deficit spending during the recession.
Liberal leader Michael Ignatieff launches a scathing attack on Stephen Harper during his first keynote speech at a luncheon hosted by the Canadian Club of Toronto and the Empire Club of Canada.
October 7 to November 25, 2008 - During the federal election Stephen Harper promised to never run budgetary deficits, but has since backed away from his promise in the face of uncertain economic conditions.
We will not be running a deficit. We will be keeping spending within our means, it is that simple.
-Stephen Harper, October 7, 2008
Balancing the budget by raising taxes, by cutting essential government activity, or by refusing necessary intervention in the midst of a global economic crisis would be a cure worse than the disease.
- Stephen Harper, November 20, 2008
There are occasions when defitis are not necessarily bad, but essential.
- Stephen Harper, November 23, 2008
November 18 to 24, 2008 – The 40th session of Parliament opens with all political parties promising a new spirit of cooperation. Despite this, opposition members set a confrontational tone in Question Period.
September 10 to 26, 2008 - Prime Minister Harper says Liberal leader Stéphane Dion is trying to undermine confidence in the Canadian economy while “sitting on the sidelines virtually cheering for there to be a recession”.
Our economy has hit a brick wall … the tough times are already here.
- Stéphane Dion
Our government will not preside over disastrous financial policies … I would rather lose an election and i would rather lose a vote in Parliament than do something that I know would put the Canadian economy into deep jeopardy.
- Stephen Harper