Back to black: Balance the budget

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>>PHOTOS OF THE ONTARIO DEBT CLOCK TOUR

Back in 2003, Ontario Liberal Leader Dalton McGuinty signed the Canadian Taxpayers Federation Taxpayer Protection Promise. McGuinty promised not to raise taxes wthout the explicit approval of Ontario voters, and not to run deficits.

Fast forward eight years, and Ontario's provincial debt has skyrocketed under Premier Dalton McGuinty, shooting up $110 billion. At the current rate of borrowing, Ontario's debt in December 2012 will have doubled since McGuinty took office.

Not only has the McGuinty government recorded massive deficits for three years running, but Ontario's finance ministry is forecasting an endless flow of red ink, with no relief in sight until 2018.

There's no shortage of tax revenue: Ontario bounced back to record revenues this year after the recession of 2008-09, thanks in big part to the Ontario Health Premium, Dalton McGuinty's tax grab that will cost Ontario families $2.7 billion this year alone.

But even with $2.7 billion from this new tax, a tax he promised he would never impose, McGuinty expects Ontario's deficit to top $16 billion this year, with over $24 billion in new borrowing.

The problem is runaway spending: Ontario's provincial spending rose $8 billion in the recession year of 2008-09. It jumped nearly $12 billion last year, and it's projected to jump nearly $8 billion this year.

All this borrowed money doesn't come cheap: Ontario's interest payments are forecast to top $10.3 billion this year. That's nearly four times Ontario's entire transportation budget. It's more than Ontario's entire budget for training, colleges, and universities.

Ontario's getting a raw deal. It's time taxpayers told Premier McGuinty "NO MORE reckless spending!"

Let's send McGunity and the legislature a message - to balance the budget in three years by cutting spending and not by further raising taxes. Use the buttons below to sign the petition, to e-mail Premier McGuinty and Finance Minister Duncan, or donate to the campaign. Thanks for all you do!