Thank you, Mr. Chairman. Mr. Chairman, the purpose of the Deficit Elimination Act is to avoid a large government deficit and require that any deficit that is incurred in one year be offset by an equivalent surplus in the following year.
Mr. Chairman, the government's limited tax revenue and our primary dependence on federal funding do not enable the territories to service debt to the same extent as other jurisdictions. As a result, debt, Mr. Chairman, must be avoided at all costs. The act in its current form has been jointly developed by the government and the Standing Committee on Finance. It contains, Mr. Chairman, challenging fiscal provisions and substantive measures to hold the government accountable.
I will try to answer any questions that Members may have, Mr. Chairman. Thank you.