News

 

Sousa on fiscal outlook: 'bankers aren't freaking'

The finance minister responds to Moody's credit rating warning

The Liberal government is trying to calm fears after Moody's changed its fiscal outlook for Ontario from stable to negative.

Its credit rating stays at the Aa2 level but has a greater chance of being downgraded later on with this move.

Finance Minister Charles Sousa says the "bankers aren't freaking" because of this. Sousa maintains the province has controlled its spending, despite that going up in this year's budget.

Sousa stresses the province is still finding savings. He adds tabling an austerity budget would put the economy in "peril."

The person who will be in charge of going through Ontario's finances with a fine-tooth comb says she isn't worried.

However, President of the Treasury Board Deb Matthews offers there is a challenge ahead.  Matthews says that's why they created her position.

The government says it will still balance the budget by 2017-18.

A downgraded credit rating would mean the government would pay more interest on loans it takes out.

That means less money for program spending which could translate into services in healthcare and education taking a hit.

Leave a comment:

showing all comments · Subscribe to comments
Comment Like
  • 10
  1. Mark7 posted on 07/03/2014 11:36 AM
    The status quo continues. Just another typical, arrogant, criminal Fiberal who cares not. He can afford to pay the bills that his criminal government make for us all.

    Toronto voters are the pinheads of Canada.
  2. dama posted on 07/03/2014 02:42 PM
    "Its credit rating stays at the Aa2 level but has a greater chance of being downgraded later on with this move."

    The banks will be freaking once the credit rating is downgraded..which it will once
    the Liberal starts spending more money the Province does not have..
  3. Bryan Webster posted on 07/03/2014 02:47 PM
    Another lie from a government addicted to spending money we don't have. Why does the media continually give this government a free ride.
  4. Jim posted on 07/03/2014 02:49 PM
    In the 10 years since the Liberals took over the debt has risen from 132 billion to just under 300 billion. And we keep re-electing them. What the F*** is wrong with the people of Ontario?
    1. Alex posted on 07/03/2014 02:59 PM
      @Jim Nothing is WRONG with us, you faggot contard. We simply understand that debt is good and businesses are evil.

      Think about it: The more money you have, the easier it is for you to spend your way into trouble. It's far better for the majority of your income to go to Leader Wynne, and for her to only give you back what SHE thinks you can handle responsibly.
    2. dama posted on 07/03/2014 03:03 PM
      @Jim It is not the people of Ontario that voted for the Liberal, it is all the civil servants and public union members from Ottawa and GTA that voted for the Liberal..

      the civil servants and public union members have been enjoying a great life under the Liberal so why should they worry or care about the debt or worry/care about you and I when teachers/unions are getting great raises and then some..
    3. Alex posted on 07/03/2014 03:06 PM
      @dama You say that like it's a bad thing. Union members are the only people who really matter; the rest of us are a lesser class of person, and you need to shut up and embrace it like I already have.
    4. Ernie posted on 07/03/2014 03:07 PM
      @Alex Alex - all joking aside - there really ARE people who think that borrowing money is the only way to live - because in their minds they believe that due to inflation, the money you pay back is of less value due to the inflation.

      What people like that forget (or wilfully choose to ignore) is that as inflation deflates the value of the principle, it raises the interest charged on the loan. So by the time you pay back the debt over 30 years, you will have paid it 10 x over.
    5. dama posted on 07/03/2014 03:18 PM
      @Alex I hope you are been sarcastic in your post.. if not.. then you are really .. crazy to embrace that union members are the only people that matters to YOU.. not me, personally

      Union is all me me me.. give me this ot that else we will strike and close everything down..

      It is always a BAD thing if you spend what you don't have and dont have the money to pay back.. with a downgrade, borrowing cost will be higher on Sousa will tax US more to pay ...

      Now Alex, go to the corner and face the wall.. ..
  5. john posted on 07/07/2014 02:53 PM
    Sousa says bankers aren't freaking out . so why do i hear bankers shouting loud how pissed thay are . he must ware ear buds when he talk to them .
showing all comments

Your GTA

Sign Up For Breaking News Alerts

Becoming a member only takes 60 seconds! Members get access to exclusive information and products that non-members do not, including concert ticket presales, trips, advance notice on upcoming entertainment events, movie screening passes, music giveaways and more!

Login with Facebook

Stay connected 24/7! Receive breaking news and programming alerts right to your inbox. CLICK HERE to sign-up.

Today's Poll

Burger King has officially reached a deal to buy Tim Hortons. Are you worried about the future of the coffee chain?

Voting is restricted to one vote every 24 hour(s) VoteResults

Top Stories

Facebook

Twitter