Budget Unveiled in Ottawa

Conservatives plan no tax increases and aim to eliminate the deficit by 2015-2016.

Now we play the waiting game. Finance Minister Jim Flaherty unveiled the details of the federal budget Tuesday afternoon, but it’s not yet clear if the concessions it contained will be sufficient to win the support of any of the opposition parties. The Tories need one party to back them in order to avoid a spring election and the defeat of the government. The budget is being described as a “stay-the-course” affair, with no new taxes, major spending programs, or major spending cuts. The end of the massive federal stimulus program alone will cut the deficit to $26.7 billion by 2012. Other highlights include: forgiveness of student loans up to $40,000 for new doctors choosing to work in rural areas, a commitment to cut corporate taxes to 15 per cent, an increase in the Guaranteed Income Supplement for seniors to $50 a month, and a renewal of the $100-million Own the Podium Olympic initiative.