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2--Ttie'CahadtanChampIafl; Frday,February 27, 1998 For eedhistory, for Manning same old story By BRAD REAUME The Champion Canada finally has a balanced budget. But critics rnay charge that at the current rate, it also seens to have a plan to pay back accumulated debt over the next 200 ycars. Finance Minister Paul Martin said $3 billion will be held in reserve this year and applied to the $600 billion debt if the money is flot needed elsewhere. At that pace, it would take 200 years to repay the total debt. Mr. Martin told the House of Commons Tuesday that he has already begun paying down the debt through application of several billion dollars in reserve funds held back over each of the last three years. It was quite a privilege watching history being made," said Halton MP Julian Reed. "It's the firat balanced budget in 28 yeara. Mr. Martin has begun to fulfill bis promise to pay down the debt." Mr. Reed said there will always be naysayers to criticize what- ever the govemnment suggests. He said already there have been complaints that not enough was spent on social prograros, or on paying down the debt. With regard to the accumulated delicits, I agree wth Mr. Martin when he says that neyer again must we allow ourselves to get into that situation," said Mr. Reed. Opposition leader Preston Manning was one of the critics, charging that not enough rooney is goîng to debt and tax relief. When the Liberals took office Canadians were paying $125 bil- lion in taxes each year. Now Canadians are paying $162 billion, including the recent CPP hike. Those taxes will increase over the next two years to $173 billion, Mr. Manning said. "Taxpayers should be aware thse chequebook is out again and it's your chequebook," the Reforro Party leader said. "if you want debt and tax relief walt four years, because thse Liberal gov- emment isn't going to deliver - they're 100 per cent commitled to new spending." The 1998 budget provided few surprises. Even the fact that thse Liberal govemnment would balance the budget one year before they originally anticipated was not unexpected, the information having been leaked to reporters a few weeks ago. Mr. Martin promised thse budget would be balanced for the next two years. The budget includes several actions for students, such as tax credits on student boans, a national scholarship program and tax relief for low income Canadians. In addition some rooney will be put to health care transfers for provinces, tax deductions for child care have been increased, there is a small tax reduction for those earning under $60,000 and Regîstered Retiremnent Savings Plan funds can be withdrawn for education purposes without tax penalties. According to Mr. Reed the Liberal Party Red Book caîls for a 50-50 split of any surplus, wilh half going to tax and debt reduc- tion, and the remainder being applied to social spending.