Nipissing MPP Vic Fedeli says Standard and Poor`s is confirming what the Tories keep saying which is the Liberals have a spending problem. Fedeli was reacting to Ontario`s latest credit downgrade. Fedeli says when the Liberals took power in 2003 they collected $65-billion in revenue. Now revenue is $115 billion a year but we have a massive deficit and debt. He says had the Liberals been more careful with their spending, we wouldn`t be facing cash problems today. He says had they kept their spending to about three percent a year, there would be no deficit and we would have enough money on hand each year to reduce our debt. Meanwhile, Fedeli was surprised by the reaction of the Premier and her finance minister to the downgrade. Fedeli said both were nonchalant about it and said there was nothing to worry about. Fedeli says the problem with the downgrade is it will soon cost the Liberals more in interest to borrow for their ongoing spending spree.
