Federal budget comes down today

There’s a cautiously optimistic mood at regional headquarters heading into this afternoon’s federal budget.

Regional chair Ken Seiling admits they’re being told not to expect much as the feds instead work to put a dent in the nation’s $56-billion deficit. Still, that doesn’t mean Seiling is without hope. And while much of that optimism rests in the area of affordable housing the regional chair is also hopeful that rapid transit funding will be maintained and that the federal government will continue with investments in the high tech sector that could stimulate local job growth.
Seiling tells 570 News that the region has committed to building 500 new affordable housing units over the next several years and that the only way to accomplish that is with some support from Ottawa. He’s also hopeful of seeing transportation and rail dollars remain in the federal document so initiatives like the region’s rapid transit plan can stay on track. Seiling says the federal government has shown a willingness to invest in technology and high tech initiatives across the province in general which leads him to have some hope for job creation in our burgeoning high tech sector.

The budget is expected to include money for business, infrastructure, and a lifeline for Atomic Energy of Canada, which could receive $400-million to help it sell its Candu nuclear reactor division.
Finance Minister Jim Flaherty, who will deliver the budget, is expected to extend a program that allows businesses to write off investment in machinery and equipment for five years.

The budget will be delivered at 4:00 p.m.

Meantime, yesterday’s Throne Speech focused on Canada’s $56-billion deficit. 
The government says it will restore the country’s “fiscal balance” by restraining government spending — starting with a proposed symbolic freeze on lofty MP salaries.
Cambridge MP Gary Goodyear tells 570 News whittling down the deficit will not be put on the backs of average Canadians. He says the government will not be fixing the deficit on the backs of seniors, by reducing pensions, and he says they will not be raising taxes or cutting tranfer payments to provinces.
Goodyear says he and his collegues have no problem with the decision to cut salaries. He says they are in this together and this is something they can do personally to help cut the deficit.

The speech included no plans for major spending cuts, but there is also none of the big new spending of past budgets.

Other key proposals include loosening foreign investment rules, cutting environmental red tape, and increasing the child-support payment for single-parent families.

The federal Liberal Leader Michael Ignatieff is blasting the speech calling it, “a sorry collection of old stuff.” He says the 23-page speech is “the work of a tired government,” adding it contains nothing on the environment or how to make Canada more energy efficient.
NDP Leader Jack Layton also says he’s disappointed in the speech because it mentions nothing about job creation or the fight against climate change.

You can view the entire speech here