Sousa Says Liberals to Do More to Curb Spending

This article was last updated on April 16, 2022

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Ontario Finance Minister Charles Sousa has vowed in his recent press conference that equipped with a complete majority, the Liberals will now not hesitate to control spending and balance the budget since they no longer have to deal with the non-stop drama of a hung parliament.

Sousa gave these remarks after delivering a prebudget speech at the Empire Club at the Royal York Hotel. Mr. Sousa is anticipated to reintroduce the budget on Monday, disapproval of which previously caused the government to topple and triggered last month’s election. The budget has audaciously kept $29-billion for transit and transportation, billions in grants for business, and the groundwork for a new provincial pension plan. Mr. Sousa stated on Thursday that “having a majority mandate now gives us a little bit more initiative to implement things and expedite them more quickly.” He added that “that stability in the government plays not only to [credit] rating agencies but to investors as well.”

However, the unexpectedly big-spending budget have alarmed bond raters Moody’s, who changed their outlook on Ontario to “negative” last week. It alleged that the province has not shown enough progress on its plan to erase the $12.5-billion deficit in three years. However, Mr. Sousa did not seem down by that, as he said that “I know the agencies … have expressed concern about our determination to meet those targets,” and added that “I accept that. It’s their job. And it’s my job and that of our government to deliver on our plan.”