Bill C-375
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SUMMARY |
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The purpose of the enactment is to prohibit the government from
producing budgetary deficits from April 1, 1998. A certain flexibility is
allowed however where the deficit is less than 3 billion dollars for a
given financial year, in which case the government must produce a
surplus equal to that deficit in the following financial year. Flexibility
is also allowed where a natural catastrophe, economic slowdown or war
affects the revenues and/or expenses of the government. Where deficits
are caused by any of these special circumstances, the government will
be permitted 6 years to bring the debt back to its initial level.
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