In the last election, Liberals wanted Canadians to believe their magical thinking, that we could balance the budget by spending more. They were wrong. Small deficits turned into big deficits, just like we all knew they would.

Budgets do not balance themselves, and economies do not grow from the heart outwards. I know from experience, having been part of the team that balanced the budget in 2015.

We must return Canada to a balanced budget, and we must keep the budget balanced, absent extraordinary circumstances.

I will reinstate the Balanced Budget Act.