In a speech to a business audience in Toronto Wednesday (April 8), and in preparation for the April 21 federal budget, Canada’s Finance Minister Joe Oliver outlined the Canadian government’s economic priorities, and then promised to table balanced budget legislation. In his speech he underlined that this was the responsible thing to do for middle and low income families who need more money in their pockets.
As Wall Street Journal journalist Paul Vieira pointed out on Twitter, the Conservative government of Prime Minister Stephen Harper made the same promise in October, 2013 when the Prime Minister said it would reinforce the goal of “sound management” of the public purse.
In Wednesday’s speech to the Economic Club of Canada, Minister Oliver said budget deficits would only be permitted in reaction to a recession or “an extraordinary circumstance, that is, war or natural disaster, with a cost exceeding $3-billion in one year.”
Federal budgets under the Conservatives have been in deficit for several years. A federal election is scheduled for October of this year.
More information:
Department of Finance Canada press release – Harper Government to Propose Balanced Budget Legislation – here
Globe and Mail (October, 2013) – Prime Minister Harper pledges balanced-budget law in Throne Speech – here
Wall Street Journal/Paul Vieira and Don Curren (October, 2013) – Speaking of Balanced-Budget Laws…Are they What They are Cracked Up to Be? – here
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