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46 - 60 of 380
Add a filter on Committee Evidence - FINA-26
Committee Evidence - FINA-26
2021-03-11
Hon. Wayne Easter - 15:50
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 15:50
...More
Mr. Chair, she didn't answer the question.
Yes or no, is the debt ceiling going up by $663 billion?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 15:50
...More
I'm delighted to answer that question, Mr. Fast. Yes, the limit that we are seeking with Bill C-14 is $1.831 trillion.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 15:51
...More
That figure is very exact, so you must know what it's going to be spent on, what you're going to use it for. Can you tell us exactly how that additional $663 billion will be deployed?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 15:51
...More
As you know very well, Mr. Fast, having served in cabinet, a borrowing authority increase is not the same as spending authority. What it does is set a ceiling for how much the government can spend.
In terms of the composition of that number and how we got there, I would like to turn the attention of all committee members to page 141 and chart A2.3 in the fall economic statement. I can hold it up to show you guys the page. That has a very specific breakdown of how we got to that number.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 15:52
...More
Mr. Chair, Ms. Freeland didn't actually answer the question. I want her to explain to Canadians the $664 billion of additional borrowing that she is asking Parliament for. Where will it be allocated, and how will it be spent?
Don't point to a chart. Tell Canadians who are watching this why you should receive effectively a blank cheque for $663 billion?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 15:52
...More
Mr. Fast, I know that Canadians are really smart and really sophisticated and I urge everyone who's listening to this to look at page 141, chart A2.3, where how that borrowing authority amount is composed is laid out very specifically.
I want to address something very precise here. The increase in the borrowing authority is in no way a blank cheque. Every single expenditure by the government needs to be authorized by Parliament. The borrowing authority sets a transparent and accountable maximum limit as to how much the government can borrow.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 15:53
...More
We know, Ms. Freeland, that in 2017 your government set a debt ceiling, which still left about $200 billion of room to spend. You spent all of that, and then the pandemic hit. You spent beyond that because of the support that you quite rightly provided to Canadians, and by the way, those items you articulated, we strongly support that support for Canadians.
What we don't support is increasing the debt ceiling by $663 billion without knowing exactly what that borrowing will be used for. You're saying you want a line of credit, a $663 billion additional line of credit, but you're not going to tell us exactly where you're going to spend it.
I'm going to give you a chance again to explain to Canadians where you are going to be spending that money. How will you spend it, when will you spend it and are you going to spend all of it?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 15:54
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 15:54
...More
Let me just say to Mr. Fast that I have far too much respect for him, and I really do have a lot of respect for him, to think that he really believes the borrowing authority is in any way equivalent to a blank cheque or a line of credit.
What the borrowing authority limit does is it sets a limit on the maximum amount a government may borrow. There is a quite separate process, which this committee is intimately involved with, for debating and authorizing the specific spending that the government undertakes, and I look forward to having that discussion with all of you.
Again, for interested Canadians and committee members, look at chart A2.3 for the composition of how we got to that $1.8 trillion number for the borrowing authority limit.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 15:55
Hon. Wayne Easter - 16:38
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 16:38
...More
Thank you.
Minister, earlier in this meeting you referred to chart A2.3. You suggested that it explained everything. It explained spending, it explained borrowing and it explained how much money was going to be allocated to a certain area.
In fact, Canadians can't see this chart. You and I can see the chart, and if you look at it, I think you'll agree with me that all this chart does is explain that the government is going to borrow another $663 billion.
Would you agree with that assessment?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:39
...More
No, Mr. Fast, I'm afraid I would not.
Let me just say a couple of things. Canadians can see this chart because it was published in the fall economic statement. It's available to anyone who would like to go online and look at the fall economic statement. For wonkish people who are watching our deliberations, let me point you to page 141 and chart A2.3.
What this chart shows is how we got to the number of $1.831 trillion for the borrowing authority we are seeking. It shows the composition of it, and I think that was important to show and people should refer to it. I can go through the chart, if people would like.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:40
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 16:40
...More
Minister, you have confirmed what I just said. This is all about how much the government is going to borrow. It says nothing about where it's going to spend that money, and that's why we need a budget.
For two years you've neglected to deliver a budget and an economic plan for the country that would outline what you expect in terms of tax revenues, what you expect in terms of debt servicing costs, what you expect in terms of spending, what programs you're going to spend on, what fiscal anchors you're going to put in place to make sure that this doesn't get out of control, economic growth projections.... None of that is in this fall statement, yet you're asking us to increase the borrowing limit by $663 billion without any idea of where you're actually going to spend that money.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:41
...More
Mr. Fast, there's a lot in there. Let me parse it and respond to the various points you've raised in the time allotted.
To your first point, that the borrowing authority is quite different from a budget, you are 100% right, Mr. Fast. That's a really important distinction. In seeking an increase of the borrowing authority, we are being extremely transparent. We are saying that this is the upper limit up to which the government may borrow.
We are not saying that the government will undertake those borrowings, nor are we saying anything about government spending. That's entirely separate. That happens through the fall economic statement. It happens through Bill C-14, which we're debating today, and it will happen through the budget. That's entirely right.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 16:42
...More
Minister, your government blew through its previous debt ceiling within a couple of years—way beyond it. In fact, you exempted certain spending for COVID relief and that was appropriate, but you blew through it. Now you're suggesting to Canadians, “Yes, but if you give me $663 billion, don't worry. I won't blow through that line of credit.” Why should Canadians trust you with that?
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Lib. (ON)
Hon. Chrystia Freeland (University—Rosedale)
2021-03-11 16:42
...More
Mr. Fast, you've answered your own question with your previous question. It's very important to make a clear distinction, as you did in your first question, between the borrowing authority and actual spending authorities. We are very clear on that distinction. Canadians should be clear on it too.
The only other thing I would say is that, when it comes to spending authorities, our government has been clear that we believe, during COVID, it is important to do whatever it takes to support Canadians and Canadian businesses. We're open and transparent about that. I hope that all members of this committee will agree with that. Canadians need us to be there for them. That's why they made Bill C-14.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:43
CPC (BC)
Hon. Ed Fast (Abbotsford)
2021-03-11 16:43
...More
I'll just make a comment.
We fully support the support measures that are contained in C-14. What we do not support is part 7, which dramatically increases Canada's debt ceiling without any oversight or accountability.
You're simply saying, “Give me a blank cheque and then trust me.” We just cannot do that, Minister. In fact, Minister, we are very disappointed that you wouldn't sever part 7 from C-14. That would allow us to support Bill C-14 and all the good measures that you've contained in there.
...Less
C-14, An Act to implement certain provis ...
Economic statement 2020 (November 30, 2020)
Government bills
Public debt
Hon. Wayne Easter - 16:44
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