Before the global recession hit, our Conservative Government paid down nearly $40 billion of the debt – bringing Canada’s debt to its lowest level in 25 years.

Our fiscal responsibility and aggressive debt reduction placed Canada in the best possible position to weather the global recession.

When the global recession hit, we made a deliberate decision to run a temporary deficit to protect our economy and jobs – and all parties in Parliament agreed.

While other countries struggle with ever-increasing debt that is spiralling out of control, Canada is in among the best fiscal positions in the G-7.

Indeed, Canada has by far the lowest net debt-to-GDP ratio in the entire G-7.

  •  The International Monetary Fund (IMF) recently declared: “Canada has the lowest general government net debt among G-7 economies.”

While the NDP and Liberals want to engage in a reckless spending spree, our Conservative Government is committed to returning to balanced budgets.

Reducing debt frees up tax dollars that would otherwise be used to cover interest costs, keeps interest rates low, and – most importantly – helps ensure lower taxes on Canadian families.

Our plan to get back to balanced budgets is working – in the past two years we have already cut the deficit in half.

  •  In 2010, we started down the road to balanced budgets by winding down temporary stimulus spending, putting in place targeted spending restraint measures, and reviewing government administrative and overhead costs.
  •  In 2011, we continued to return to balanced budgets by delivering over half a billion in new ongoing savings.
  •  In 2012, we are building on our existing efforts by refocusing government and streamlining back office administration to achieve $5.2 billion in ongoing savings for taxpayers.

Almost 70% of the savings will come from eliminating waste in the internal operations of government, making it leaner and more efficient.

This modest savings (less than 2% of federal program spending) will help ensure Canada returns to balance over the medium term, while also better respecting taxpayer dollars.

Unlike the NDP and Liberals, our Conservative Government will NOT raise taxes.  And unlike the former Liberal Government, we will NOT slash transfers to health, education, or support for seniors.

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