Currently paying $23 billion in interest and expected to hit $37 billion by 2023, our local member of parliament is suggesting that Ottawa will soon be paying more to finance our debt than we do on health care transfer payments to the provinces.

Moose Jaw-Lake Centre-Lanigan Conservative MP Tom Lukiwski says the financial update provided by the federal finance minister last week shows were are not moving towards a balanced budget, as promised by the Liberals during the election.

"It's extremely, extremely concerning because of course, as every Canadian knows, debt has to be repaid," said Lukiwski. "Responsible governments, when times are good, are socking away money in rainy day funds to prepare for contingencies in downturns in the economy... this government has not done that."

The Liberals promised in the last election campaign to balance the budget before the next vote in 2019. That won't happen according to the update, with the annual deficit expected to hit $18 billion this year and $19 billion next year, or a total of $75 billion dollars added to the total debt, since being elected.

Reports from Ottawa show the national debt sits at more than a trillion dollars but offset by $380 billion in assets, resulting in a net debt of about $650 billion.