QUESTION PERIOD — Finance
Budget 2025
November 5, 2025
Leader, yesterday, your government presented its budget, a voluminous 493-page document. Minister Champagne referred to it as a generational budget. Personally, I would call it a naive and cynical budget. The only real generational impact of this budget is the immense debt burden that the Liberal government is imposing on future generations. The federal debt will rise from $1.266 trillion to $1.590 trillion in 2029-30. That is an additional $324 billion on the backs of young people. The cost of the public debt is currently $55 billion, as my colleague said, and in 2029-30 it will be $76 billion. Leader, the GST revenue is $51 billion. The entire GST revenue is not enough to even pay the interest.
Leader, is this a legacy for future generations that the government can be proud of? Do you have the answer on your cue cards?
Senator Carignan, I don’t need cue cards to explain that when the government invests in infrastructure — and to be clear, there is a difference between spending and investing — when the government invests in housing, when the government makes it easier for Canadians to access housing, the government is investing in and strengthening the Canadian economy.
The government has tabled a generational budget because this budget focuses on the future.
Allow me to round out the numbers I gave your colleague. Canada’s deficit-to-debt ratio is one of the lowest. Japan is the only country with a better ratio. Our ratio is currently 2.5% and it will come down to 1.5% by 2029-30. This did not just magically come about. It happened because the government made thoughtful decisions that help give Canada a strong economy, and that strong economy means that we can invest in future generations.
Be careful not to stray too far from your cue cards lest you say anything inaccurate.
Canadians are concerned about the cost of living, particularly the cost of housing, food and transportation. This budget doesn’t really address those concerns. There’s nothing in the budget to reduce inflation; quite the contrary, in fact.
Leader, isn’t this blatantly insensitive towards the public and a betrayal of the voters who believed in this government?
You don’t want me looking at my notes, but you look at yours when you ask your questions, Senator Carignan. There should be a certain fairness on both sides of the chamber.
The reality is that the level of inflation is controlled by the Bank of Canada. That’s the first thing. The second thing is that yesterday’s budget is aimed at giving future generations access to homes, for example, by eliminating the federal tax on the purchase of a first home and making major investments that will in turn spur investment from the private sector, the provinces and municipalities. That’s what it means to look to the future, Senator Carignan.
