Federal legislation would bring consequences for running a deficit
CALGARY – Small businesses are strong supporters of balanced budget legislation and commend Finance Minister Joe Oliver on his announcement today at the Economic Club of Canada.
In a Mandate survey conducted by the Canadian Federation of Independent Business (CFIB), 82 per cent of members supported a balanced budget law. This data was shared with all MPs as part of CFIB’s ongoing lobbying efforts.
“Today’s deficits are tomorrow’s taxes, and this legislation puts much needed pressure on government to balance the books every year,” said Dan Kelly, president of CFIB, who joined Oliver for the announcement. “There will also be teeth in this law, since running a deficit will ultimately exact meaningful consequences.”
“We commend Minister Oliver and the government’s leadership in taking this step towards long-term financial responsibility, transparency and stability at the federal level,” he added.
Amber Ruddy, Senior Policy Analyst for Alberta, added, “The Alberta government should exercise even greater fiscal fitness by introducing legislated expenditure limits. Balancing the budget does not need to result in higher taxes.”
CFIB will track the progress of the proposed legislation and will continue to advocate on behalf of its membership for balanced budget legislation at all levels of government.
CFIB is Canada’s largest association of small- and medium-sized businesses with 109,000 members across every sector and region.