Finance Minister Jim Flaherty tabled the federal budget Thursday with no major cuts and no major spending. He believes he's on course to eliminate the deficit in two years, while critics say there are lots of places where he's failed to boldly go. With the help of three political insiders, we explored what's in it for you.

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We will not back away from our steadfast commitment to fiscal responsibility. We will not balance the budget on the backs of hardworking Canadian families, or those in need. But we will balance the budget and we will do it in 2015.

If you need clothes for the new baby, better golf clubs or a gnarlier snowboard, you may find they'll be getting a little cheaper thanks to yesterday's federal budget. At least if retailers choose to pass the reduction in import tariffs on to consumers.

You might also start seeing more road construction on the way to work. And if you need work, you may eventually get a break on skills training. Smokers face the usual increases on tobacco. And you will no longer be able to deduct the rent on your safety deposit boxes.

Ted Menzies - Federal Minister of State for Finance

If you hoped Ottawa would spend with the enthusiasm it had just a few years ago, or cut federal spending to the bone, you're out of luck for now. There's not much drama in the latest budget -- little new spending and few new cuts. Federal Finance Minister Jim Flaherty has his eyes on a bigger prize ... setting Canada up for a surplus by 2015.

To better understand how Flaherty plans to balance the books, we spoke to his colleague Ted Menzies. He was in Toronto.

Opposition Response: Peggy Nash (NDP) and Scott Brison (Liberal Party)

With some contrary views on what the government accomplished or failed to accomplish yesterday, we spoke to NDP Finance Critic Peggy Nash and Liberal Finance Critic Scott Brison. They were both in Ottawa.

We'd love to hear what you think about this. Tweet us @thecurrentcbc. Follow us on Facebook. Or e-mail us through our website. Call us toll-free at 1 877 287 7366. And you can always write to us at PO Box 500, Station A, Toronto, M5W 1E6.


Other segments on today's show:
Afghanistan's Transition: A Special Edition of The Current in Kabul
Afghanistan's Transition: Peering inside the Golden City