Wednesday, November 19th, 2008
November 19, 2008
Deficit may be necessary, securities regulator to increase oversight
The Conservative government introduced a plan Wednesday aimed at protecting Canada from the “extraordinary global economic challenge and uncertainty,” and indicated that the country may have to run a deficit.
The plan, detailed by Gov. Gen. MichaÃƒÆ’Ã‚Â«lle Jean in the 45-minute speech from the throne on Parliament Hill, calls for “hard decisions” to be made on government spending, and it promises sound budgeting to ensure the country avoids further deficits.
The throne speech, delivered by Jean in the Senate chamber before Prime Minister Stephen Harper, members of the House of Commons and other dignitaries, laid out the broad strokes of the Conservative government’s legislative agenda for Canada’s 40th Parliament.
In a sombre speech invoking the grim realities faced by previous Canadians in the First World War and the Great Depression, Jean said continuing unsustainable deficits “are quite rightly unacceptable to Canadians.”