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Ceci needs to get serious about the debt ceiling

A new credit outlook downgrade sounding the alarm over the NDP government’s debt burden should be the last warning Finance Minister Joe Ceci needs to get spending under control, the Wildrose Official Opposition said today.

Credit rating agency DBRS sounded the alarm Thursday over Alberta’s skyrocketing debt, warning Alberta’s debt will exceed the recently-passed debt limit. Wildrose Shadow Finance Minister Derek Fildebrandt said he’s fast losing faith Ceci will be able to keep Alberta’s debt burden under 15 per cent of GDP.

“Despite what Minister Ceci says, I’m seeing nothing to indicate the NDP is getting its debt or spending under control and will be able to stay below the debt ceiling,” Fildebrandt said. “This warning is their last opportunity to wake up to reality, restrain spending and get realistic with their revenue projections.”

Ceci told reporters Thursday the government would stay below the debt ceiling, but refused to give any details on where the provincial finances are at. Fildebrandt said Ceci is treating Alberta’s economy with contempt.

“We’ve seen the Minister ignore one major credit downgrade, and multiple warnings from international credit agencies already – it’s contemptuous,” Fildebrandt said. “This latest warning could be the last straw before we start to see the downgrades pile up. The time is now to restrain spending if this NDP government is at all interested in fixing our economic situation.”