Canada's Economic Action Plan

Today the Harper Government released its first quarterly report on the progress of Canada's Economic Action Plan – the Government's broad and aggressive response to the global recession.

Through Canada's Economic Action Plan, the Government is acting to counter the effects of the global recession at home, while working with our international partners towards a quick return to global economic growth and long-term prosperity.

While Canada, as part of the global economy, cannot control global events and global downturns, the Government is using every tool at its disposal to protect the jobs, savings and retirement security of Canadians.

Canada's Economic Action Plan provides focussed and targeted action on four key priorities.

• Further reducing the tax burden on Canadian individuals, families and businesses with $20 billion of additional tax cuts that will leave more money in the hands of Canadians.

• Engaging in smart stimulus spending that creates jobs including unprecedented new investments in roads, bridges, and transit projects as well as a major new tax credit to encourage Canadians to invest in renovating their homes.

• Helping Canadians who are hardest hit by the recession by enhancing Employment Insurance benefits for the unemployed and broadening access to skills training so more Canadians can prepare for the jobs of the future.

• Strengthening the Financial System and Improving Access to Credit through groundbreaking new measures that ensure Canadians can continue to obtain mortgages and car loans, extending additional credit to Canadian businesses and providing assurance that Canadian financial institutions are competing on a level playing field in international markets.

In just 42 days the Harper Government has made an unprecedented and extraordinary effort to cut red-tape and delays in order to quickly respond to the urgent challenges posed by the global recession. These actions build on the Government's early action in the fall of 2007 to protect Canada from the emerging global credit crunch.

Now, under Canada's Economic Action Plan, the Government has provided a framework through which most of the money can flow to the people who need it most, beginning April 1st.

It is now up to the Parliament of Canada to do its part. MPs and Senators from all parties must show a similar sense of urgency in passing this Action Plan in order to provide Canadians with the support and security they deserve.