Friday, October 24th2.7°C
23888
23372

Toronto Mayor Rob Ford slams Ontario budget, says Liberals not curbing spending

TORONTO - Toronto Mayor Rob Ford is slamming the Ontario budget, saying the governing Liberals aren't serious about slaying their $12.5-billion deficit.

But Finance Minister Charles Sousa says Toronto is getting billions of dollars from the province and Ford is asking for more money.

The budget included a promise to spend $130 billion on infrastructure over a decade, including $29 billion for public transit and transportation projects.

Sousa says Ford is getting more money from the province than the federal government, which should be committing more funds for infrastructure projects.

In his statement, Ford says he's pleased there's more money for infrastructure in the budget, but he's "highly concerned" that the Liberals don't seem to have a plan to reduce spending and find efficiencies.

He says there's no proof that the province is actually committed to eliminating its $12.5-billion deficit because the budget actually increases the shortfall.

Ontario's debt stands at a "staggering $289 billion," Ford said in a statement.

"That is over $22,000 of debt per Ontario resident," he said.

"Meanwhile, the 2014 provincial budget does nothing to reduce this burden. Instead, the province plans on adding an additional $20 billion to its already crippling debt load."

Toronto's credit rating and outlook remains strong, while debt rating agencies are putting Ontario on watch about a possible downgrade, said Ford, who is campaigning for re-election in October.

"At the City of Toronto, I have shown that we can drive efficiencies and reduce the burden on taxpayers, while still investing billions of dollars in important infrastructure needs."

Ford returned to city hall two weeks ago after spending two months in rehab to cope with substance abuse problems.

The Canadian Press


Read more Business News

23890


Recent Trending




Today's Market
S&P TSX14486.83+174.76
S&P CDNX808.600.60
DJIA16677.90216.58
Nasdaq4452.792+69.945
S&P 5001950.82+23.71
CDN Dollar0.8910+0.0006
Gold1231.40+2.30
Oil81.24-0.51
Lumber334.10+4.50
Natural Gas3.625+0.003

 
Okanagan Companies
Pacific Safety0.11-0.01
Knighthawk0.01-0.005
QHR Technologies Inc1.17+0.02
Cantex0.0550.00
Anavex Life Sciences0.1980.00
Metalex Ventures0.04-0.01
Russel Metals33.16+0.63
Copper Mountain Mining2.08-0.02
Colorado Resources0.14-0.005
ReliaBrand Inc0.013+0.001
Sunrise Resources Ltd0.05-0.01
Mission Ready Services0.41+0.005

 



23825

FEATURED Property
2106754107-567 Yates Road
1 bedrooms 1 baths
$197,900
more details
image2image2image2
Click here to feature your property
Please wait... loading


Weakening global growth worries

The Big Picture Growth worries persist Worries about weakening global growth and its potential impact on the US economic recovery roiled markets around the globe this week. Europe continues to be the ...


Keep it rubber side down

This time of year, I always worry about which friends of mine will get caught going off the road in adverse weather conditions. With a little preparation most accidents can be avoided. Having won the...


Big bank predicts rate hike

Photo: Thinkstock.comThe end of record-low rates is nigh, according to one major bank, which has taken a stance and predicted when the Bank of Canada will raise its long-standing overnight rate. &ldq...

_








Member of BC Press Council


22707