Today's Budget Speech

Finance Minster Jim Flaherty is speaking in the house at the moment, but the National Post has already posted the highlights:

The measures in the budget appear designed to both address pressing economic concerns and ensure the support of the Liberal opposition in the House of Commons. Liberal Leader Michael Ignatieff has said he will announce on Wednesday his party's intentions.

Most of the tax relief will go to individuals and families, amounting to $20-billion in personal tax cuts over this and the coming five years.

It will include a 7.5% increase in the amount Canadians can earn before paying any tax and in the ceiling on the two lowest tax brackets. It also raises the amount that can be earned before child tax benefits are phased out, doubles the tax relief for low income workers who find work, and gives seniors an extra $150 in tax savings and reduces the amounts they must pull each year out of their retirement savings plans.

The spending stimulus, most of which was announced over the past week by a variety of ministers, includes $12-billion in investments in new and existing infrastructure across the country, and $7.8-billion to stimulate housing construction, including temporary renovation tax credits and more financial help for first-time homebuyers.

As well as tax cuts for individuals, the budget offers $8.3-billion for skills training, including extra support through a more generous employment insurance program for people who lose their jobs.

That last item is of some interest here . . . even though I'm still waiting to find out if I'll be entitled to benefits from EI. The Bloc has already announced they're voting against the budget . . . nice to see that they're consistent.

Update: More details on the tax reductions: they're not as dramatic as the headline rates would indicate (seriously, is anyone surprised by this?).

Update the second: Whaddaya know? The NDP don't like the budget either. NDP press release headline: "BUDGET FAILS TO PROTECT MOST VULNERABLE, CREATE AND SAFEGUARD JOBS". Given that governments aren't in the business of creating jobs, this is also not much of a surprise.