Mr. Paul Dewar (Ottawa Centre, NDP):

Mr. Speaker, there is an $8 billion hole in the Conservative budget. In November's economic update, the government was ridiculed for padding its books with the phantom sale of government assets. Despite criticism from all sides on this scam, it is in budget 2009. In table 4.2 in the budget there is a gaping hole.

Could the government tell taxpayers where the money will come from to fill it: a fire sale of assets, layoffs, program cuts or higher deficits?

Hon. Jim Flaherty (Minister of Finance, CPC):

As the budget makes clear, Mr. Speaker, there will be a capital asset review, just as we have an ongoing expenditure management review with respect to the operating and program expenses of government. This has not been done since the early 1990s.

It is incumbent on the government, as good managers, to ensure we review assets as well as operating expenses and that is precisely what we are going to do in this budget, which the hon. member voted against.

Mr. Paul Dewar (Ottawa Centre, NDP):

This hon. member actually read the budget, Mr. Speaker. The finance minister is not coming clean.

We have a budget that is based on rosy numbers of the sales of billions of dollars in public assets at the bottom of a market no less. Great deal.

Exactly what public assets are the Conservatives planning to sell and what other programs are on the chopping block: the former U.S. embassy perhaps, the CN Tower or maybe CBC? Is that what they are intending?

Hon. Jim Flaherty (Minister of Finance, CPC):

That is why we do an asset review, Mr. Speaker. It is to look at all of the assets of the government to see if it is appropriate to have public ownership of all of these assets, many of which were acquired many years ago. We do the same thing with respect to government operating programs.

As I say, that is just good, sound economic management of government.