"We have continuously raised questions regarding the numbers used by this government to inflate the deficit figures," said Mr. Grimes. "After reviewing Mr. Mackenzie’s report, we find that there is reason to be skeptical of what government is presenting. While we have always stated that there is a significant deficit and debt problem that must be addressed, it is by no means as bleak as the Premier and Minister of Finance suggest.

"Mr. Mackenzie reinforces what we have be saying. Without the addition of the student loan program and pension liabilities in this year’s budget, the targets set out in March would have remained accurate. Also, we have a premier who has been using misleading figures regarding interest payments on the debt. Those figures are almost $500 million less than what he is stating.

"With this report, we now have another well-respected economist who doesn’t accept the PriceWaterhouseCoopers report as a factual representation of the province’s finances. It is time for this government to come clean with the people and stop overstating the fiscal problems that we are facing. It is important to realize that we have a significant deficit and we must work together to find solutions. If the premier wants our support, he must stop misleading the people of the province.

"I look forward to the opening of the House of Assembly next week. We will then be able to challenge this government and ensure they remain accountable to the people of the province. We are hopeful that we will then have the opportunity to ask this government direct questions and receive direct answers to the issues that we raise. Maybe then we will get a realistic picture of our fiscal situation."