Come on now. A 28B deficit is NOT - nothing. When interest rates climb to 6 and 7%, that extra debt is going to hurt.

This editorial board has really bought into the debt to GDP ratio garbage the liberals are selling. The real estate market is unsustainable. I have no clue when it will bust or how big any bust will be, but any significant hit is going to really impact the ratio. 

MORE importantly, it's going to hit the average Canadian hard. Then we'll need a government able to help them out. They won't be able to when there is no growth (house price increases are WHAT % of the 2.8 GDP #s?) and people will be scrambling to pay off their loans by selling assets and taking on more work.

How do I know, other than house prices, have a look at Calgary. UI (yes, I'm old school), has run out, assets are running out. People are doing 2x part time jobs just to get by. Now their house worth drops...

So nothing budget? No it's a debtor's budget. Let's hope house prices stay up in 2017.