F-5.8 Federal Balanced Budget Act

Whereas a sound fiscal position is crucial to economic growth and job creation over the longer term;

Whereas attaining and maintaining a sound fiscal position requires that the Government of Canada achieve annual balanced budgets and reduce debt, other than when a recession or extraordinary situation occurs;

Whereas maintaining balanced budgets and reducing debt helps to keep taxes low, instill confidence in consumers and investors, strengthen Canada’s ability to respond to longer-term economic and fiscal challenges and preserve the sustainability of public services;

And whereas reducing the debt burden will help to ensure fairness for future generations by avoiding future tax increases or reductions in public services;

Now, therefore, Her Majesty, by and with the advice and consent of the Senate and House of Commons of Canada, enacts as follows: