Coalition would be guided by all-star economic council
Updated Mon. Dec. 1 2008 9:50 AM ET
CTV.ca News Staff
A high-profile, four-person economic council would guide a Liberal-NDP coalition government on finance matters, CTV News has learned.
CTV's Ottawa Bureau Chief Robert Fife reported Monday that the council would comprise Frank McKenna, Paul Martin, John Manley and Roy Romanow.
"This is a way to assure Canadians the economy would be managed properly," Fife told CTV Newsnet.
The panel of "wise men" would help the new government navigate the current global economic turbulence, he said.
The list includes three Liberals and one New Democrat, though none currently hold elected office.
McKenna is a former Liberal premier of New Brunswick and ambassador to the U.S., Martin is a former Liberal finance minister and prime minister, Manley is a former Liberal finance minister and foreign affairs minister, and Romanow is a former New Democrat premier of Saskatchewan.
The current political storm erupted last week after Finance Minister Jim Flaherty unveiled his economic update -- a blueprint that contained no stimulus package, temporarily shut down public servants' ability to strike and outlined plans to slash public funding for political parties.
As a confidence motion the fiscal update must pass in the House of Commons or the government would fall.
Almost immediately after Flaherty's announcement, opposition parties began meeting to discuss forming a coalition.
Fife reported earlier Monday that the cabinet formed under the coalition would include both Liberal and NDP ministers. The Liberals would take 18 cabinet seats, while the NDP would get six.
Fife also reported that the coalition government would introduce a $30-billion economic stimulus package and roll back $50 billion in planned corporate tax cuts.
He said that an adviser to NDP Leader Jack Layton informed the party caucus of the plans on Sunday. The conversation was taped by Conservatives.
"The big deal is this new coalition would spend $30 billion in economic stimulus and to help pay for it they would roll back $50 billion of corporate income tax cuts," Fife told Canada AM.