Mr. Speaker, I will be very happy to explain myself.
On the issue of tax reductions, anybody who knows anything, and I know this member has an accounting background, would know that the biggest single problem Canada is faced with today is that the government refuses to acknowledge that we are spending $1,800 per second more than we are taking in right now. The problem is expenditures.
We can come forward with tax reductions when we reach the point that this or any other government is prepared to bite the bullet and tell the people the truth. As the member for Willowdale, who is the chairman of the Standing Committee on Finance said the other day, until this government realizes that there must be cuts in the area of social spending under its CHST, there cannot be any balancing of the budget. Until there is a balancing of the budget, there cannot be tax reductions.
On the matter of the toonie, what we are really coming down to is a question that has never been asked to the best of my knowledge, which is whether or not we need a $2 denomination. If the hon. member is talking about saving $250 million by replacing a $2 bill with a $2 loonie or whatever it is going to be called, I wonder how many dollars would be saved if we just did away with the $2 denomination. I want to make my position clear. I am not suggesting that nor am I recommending that. I am saying we should be looking at that before the bill comes before the House. I do not believe there has been any study done on that.