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Ottawa, March 2, 2005 Budget 2005 Delivers on Key Commitments While Reducing the DebtBudget 2005 delivers on the Government’s commitments while continuing to pay down the federal debt, Minister of Finance Ralph Goodale said today in Québec. In his remarks to the Chambre de commerce de Québec, Minister Goodale stated that Budget 2005 commits substantial new funding to cities and communities, child care, the environment and national defence, while providing greater tax relief for low- and modest-income earners and new measures to support Canada’s business community. Among the key initiatives in the budget are:
Minister Goodale said that Canada has achieved an outstanding fiscal turnaround since 1993, citing a balanced budget for the eighth consecutive year. He reiterated the Government’s ongoing commitment to reducing the debt-to-GDP (gross domestic product) ratio from 39 per cent this year to 25 per cent by 2014–15. Canada is also the only Group of Seven (G-7) country to record a total government budget surplus in 2004 and is projected to be the only G-7 country in surplus again in 2005 and 2006, according to the Organisation for Economic Co-operation and Development. Further information on Budget 2005 can be obtained by visiting the Department of Finance Web site or by phoning 1 800 O-Canada (1 800 622-6232) or 1 800 465-7735 (TTY for the speech and hearing impaired). ___________________
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