The Canadian Taxpayers Federation is calling on Premier Susan Holt to rein in government spending and stop irresponsible borrowing after the provincial government’s latest fiscal update shows a growing deficit.

“The Holt government is digging the debt hole even deeper with and proving it has no plan to control spending,” said Devin Drover, CTF Atlantic Director. “New Brunswick families have to make tough choices when their budgets are stretched and Holt’s government needs to do the same.”

The government’s first quarter update shows the New Brunswick government is now planning to borrow $668.7 million this year, nearly $120 million more than planned. The government is now overspending its budget by $60 million, driven largely by runaway costs in the departments of Social Development and Health. 

“Health and social development are important, but simply throwing more money at government programs without reforms or restraint isn’t helping,” said Drover. “New Brunswickers need a government that can both deliver services and live within its means.

“Right now, the Holt government is failing on both fronts.”

The Holt government was already set to borrow more than half a billion dollars this year, with no plan to pay it back. Debt Interest charges will cost taxpayers $673 million this year, or $785 per person.

“Taxpayers can’t afford any more government debt,” said Drover. “If Holt won’t make the tough decisions to cut waste and get spending under control, she’s leaving the next generation of New Brunswickers to pay the price.”

The CTF is calling on the government to implement immediate spending restraint and commit to a credible plan to stop government borrowing by the next provincial budget.