February 17, 1993 (34th Parliament, 3rd Session)


Donald Frank Mazankowski (Deputy Prime Minister; Minister of Finance; Vice-President)

Progressive Conservative

Hon. Don Mazankowski (Deputy Prime Minister and Minister of Finance):

Mr. Speaker, let me try to explain to the hon. member. The debt that we inherited was something in the vicinity of $200 billion. The member knows that you have to pay interest on that debt. He knows that interest compounds upon interest and that it accumulated to $400 billion plus.
We have been operating in an operational surplus since 1987. As a matter of fact, I repeat, we have not added one red cent to Canada's national debt. As a matter of fact, we have reduced it by $20 billion plus.

Subtopic:   PUBLIC DEBT
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