Ottawa tables a budget that's long on austerity and short on new spending. Phone-in : what do you like - and not like - about the federal budget ?March 5, 2010 2:38 PM
- After digesting the figures (in the billions) and the time frame (well past the next federal election), you called in with your thoughts on the latest federal budget and how it will affect you
Slaying the Deficit Dragon or Wishing Upon A Star ? When it comes to federal budgets, "recalibration" can apparently be translated as"boring". The latest from Ottawa is all about reining in Canada's deficit - $54 billion dollars this year - and nurturing the country's fragile economic recovery. The government's restraint plan pledges to nearly-but-not-quite balance the budget by 2015.
How? There's little new spending in this budget - and Ottawa hopes to squeeze out $17.6 billion in savings during the next five years by freezing departmental budgets, slowing the growth of military spending and capping foreign aid. And as expected, the budget includes Chapter Two of the government's stimulus package - a $19 billion dollar injection into the economy.
But beyond the stimulus package, the budget contains few new initiatives. There's $60 million to help youth deal with the tough job market, $62 million for elite and amateur athletes - the Own the Podium program - and $8 million to create a new oversight body for the RCMP.
Our guests were Armine Yalnizyan, an economist with the Canadian Centre for Policy Alternatives - an independent, non-partisan research institute concerned with issues of social and economic justice. Todd King is a Senior Tax Partner with the accounting firm Deloitte Touche in Halifax.
We asked what you like - and don't like about the federal budget.
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