How many billion? Budget Reaction 2009

Oh, fate plays strange tricks. The Conservatives release a budget promising $64 billion in deficit spending over two years - while the Liberals are forced to walk a thin line between encouraging economic stimulus and betraying the Chretien/Martin legacy of balanced budgets.

Lots of good stuff in Tuesday's budget: Tax breaks for individuals that will be hard to roll back, money for home renovations and big infrastructure projects, extended benefits for UI recipients, more credit for small business.

They're also increasing the amount of small business income eligible for the reduced federal corporate income tax rate of 11%. The new maximum would be $500,000, up from the current limit of $400,000. The Finance department expects this measure will be worth $45 million in the 2009–10 fiscal year and $80 million in 2010-11.

The Canadian Federation of Independent Business has its budget reaction here.

The Financial Post has aggregated the reactions and opinions of a number of top economists: click here.

Canada's mayors whine for more.

"Hell or High Water": Click here for the CBC's nostalgic look back at prominent budgets of the past.