Promises, guarantees and projections

Stephen Harper, October 14, 2008. Our election platform is not full of grandiose, costly promises. It’s a prudent approach. We can afford it. We’ll never go back into deficit.

Jim Flaherty, November 27, 2008. No government at any level can guarantee the future. In fact, given so much uncertainty, no one could unconditionally guarantee the fiscal projections contained in today’s statement ... Today’s statement lays out a plan that keeps our budget balanced for now. However, in the weeks ahead we will determine the extent to which we will inject additional stimulus to our economy, joining the efforts of our international partners.

Jim Flaherty, January 27, 2009. Our government projects a budget deficit of $34 billion for the next fiscal year; and $30 billion the year after that ... By 2011 we project the deficit will fall to $13 billion; by 2012 it will fall to $7.3 billion. By 2013 we project a return to surplus, and for that year, a surplus of $700 million.

Jim Flaherty, today. By winding down the Action Plan as the economy recovers and implementing the savings measures announced in Budget 2010, the deficit is projected to decline from $55.6 billion in 2009–10 to $29.8 billion in 2011–12, and to a small deficit of $1.7 billion in 2014–15. By 2015–16, the federal budget is projected to record a small surplus of $2.6 billion.