"Our province, we know, cannot run deficits indefinitely."
Insurable losses from the wildfires are pegged at $3.6 billion.
The economy contracted by 3.7 per cent.
At least we can watch hockey for escapism! Oh, wait...
THE CANADIAN PRESS/Jason Franson
Finance Minister Joe Ceci calls the decision "disappointing."
The combination of worsening economic conditions and the government's refusal to change course on spending means Alberta will rack up debt more quickly, with a projected budget deficit of $28.9 billion over the next three years. For context, that's roughly 50 per cent more than currently sits in the Heritage Fund, a "nest egg" that took decades to build.
"Interest payments will soon be the largest expense in government."
The deficit is due to a steep drop in oil revenue.
"There's a significant investment."
Edmonton Food Bank/Facebok
They also want the government to establish a debt repayment plan.
"We are nervous about what is coming.''
Greg Elms via Getty Images
"It's a lot. It's a helluva lot of money."
Jason Verschoor via Getty Images
Rates are at the worst levels in four years.
"Today has been a very tough day indeed."
"We will not make reckless cuts that would simply make a bad situation worse."
Bloomberg via Getty Images
Standard and Poor dropped the province's rating one notch.
Notley was making her first comments on the budget that was presented Tuesday by Finance Minister Joe Ceci.
Jason Franson/The Canadian Press
Alberta's NDP government tabled its first budget Tuesday.
Ceci said: "I think Albertans will continue to be proud that we are building a province that will take us far beyond this recession and lift us back to the good times we've all enjoyed.''
Annie Engel via Getty Images
The NDP government will forge ahead, at a steep price.
40 per cent of Albertans feel overhwelmed by their debt.
CALGARY - The Racette family is on a cash-only diet for the next four years.Dale Racette, a truck driver, and his wife, a school bus driver, are trying to dig themselves out of a $45,000 hole.It wasn'...
How can regular Albertans hold their government to account and have a debate about priorities and trade-offs when the province's Auditor General can't even determine the true state of the government's finances?
Beyond higher taxes or more debt, there has always been another option: prudent spending. However, that is something the Alberta government has been less than adept at in some years. For instance, had the province increased program spending after 2005/06 and to 2012/2013 but only in line with inflation and population growth, it would have spent $22 billion less compared to what it actually sent out the door.
Photography by Arne Piepke via Getty Images
EDMONTON - Alberta politicians return to work Monday at the legislature to resume what is becoming an annual political-existential debate over the definition of debt.Is debt the destroyer of worlds, a...
Every man, woman and child in oil-rich Norway became a theoretical millionaire this week. The country’s oil fund — which collects taxes from oil profits and invests the money, mostly in stocks — excee...
Office of the Premier
Either you raise taxes or cut services to millions of Albertans. Or both. You can't make a balanced budget exist out of no where, although the Redford Conservatives have tried by calling their previous budget balanced by excluding capital funding. Skirting the fundamental problems with Alberta's governing party can only go so far and a part in government can only run around the issue for so long before reality hits.
EDMONTON - Alberta Premier Alison Redford, in her first TV address, warned Thursday of tough fiscal times and multibillion-dollar revenue shortfalls due to the "bitumen bubble."She said the bubble — t...
If there was any confidence that Alberta's government would avoid imitating the failed policies of other provinces -- think of Quebec and Ontario and their massive debts -- that faint hope for continued Alberta exceptionalism was kiboshed at the recent Progressive Conservative convention in Calgary.
EDMONTON - Two Alberta Tory cabinet ministers say politicians from the Opposition Wildrose party are self-serving hypocrites trained in "flea-market" economics where cash falls forever off a "money tr...
EDMONTON - Premier Alison Redford's plan to take on debt puts Alberta on the same slippery slope of budget-busting jiggery-pokery that sent Greece over the fiscal cliff, Wildrose leader Danielle Smith...