No new spending in next year's federal budget

The Federal Finance Minister gave Canadians a peak into next year's budget today and he says there won't be any major new spending initiatives.

Jim Flaherty says the Harper government will stick with rounding out it's two year Economic Action Plan, no matter how much pressure from the opposition to put more money into the economic recovery.

"We don't want to switch gears now," said Flaherty. "This is a crucial time. It would be misguided for us to take that approach now."

Listen to Newstalk 1010's Katie Franzios' report.

As for what will happen in 2011 after the plan wraps up, Flaherty says it'll be tricky decision to make because the wrong move could either mean another economic slowdown or chronic deficits.

He says he hopes by 2014 Ottawa will only be dealing with a $5.2 billion deficit.

Flaherty made the comments at an Empire Club lunch in Toronto.