Finally, we have the first noteworthy fiscal restraint the federal government has shown since the deficit spending binge began. Industry Canada is among 13 departments ordered to cut their budgets by 5 per cent this year. This means less tax dollars will be handed out to corporations through regional development agencies. Reductions in what Prime Minister Harper in opposition called "corporate welfare" are a fantastic place to start trimming.

The announcement of $1.7 billion of permanent cuts was made by Treasury Board Minister Stockwell Day. No one from his ministry took him up on his offer to tell him what they did all day, but he remains undaunted. His scissors are out looking for ways to balance the budget, already slightly less daunting given that last fiscal year's deficit is lower than the previous $53.8 billion deficit.

That means $1.7 billion down and somewhat less than $50 billion to go. Sigh.

Click here to see our End Corporate Welfare campaign and here to sign the peition calling on Ottawa to end this practice entirely.