- Interactive Budget -

Archived - Sound Economic and Financial Management

Introduction

In 1993, Canada's back was to the wall with a deficit of $42 billion.

It had brought our economy to a standstill but, even worse, it had removed our ability to invest in our future.

With the support of Canadians, the government established a plan to take that deficit to zero.

Today, thanks to the determination of Canadians, that plan is working.

A Victory for All Canadians

For the first time in a generation, we will balance the budget this year.

And by the year 2000, Canada will have run three balanced budgets in a row.

To remember the last time that happened you'd have to have a memory that reaches back 50 years.

That's a victory for all Canadians. But for Canadian families in particular because by putting a stop to borrowing we're keeping interest rates down and boosting economic growth and job creation.

But while we have won a major battle, the war is not over. Twenty-five years of deficits have left us with a debt that simply must be reduced.

Because every dollar paid toward interest on that debt is one less dollar for education. One less dollar for health care.

That's why we're going to stick to our plan. The same plan that worked to eliminate the deficit.

That's why we're going to maintain fiscal discipline and only invest in Canadian priorities.

And that's why we've announced a Debt Repayment Plan – to keep the debt going down and keep confidence going up.

A Stronger Economy

By keeping our commitment to balance the books and cut the debt, Canada will lead the our G7 partners – including the United States.

More importantly, we'll build a stronger economy and a more secure society. With a better foundation for growth, new jobs and high incomes.

We're convinced that Canada is on the right track. And we're committed to keeping it on that track. For Canadians. For the future.

 - Interactive Budget -