Liberal Leader Stephane Dion slammed the Conservatives Monday for failing to plan adequately for a possible economic downturn, but said his party would wait until seeing the next federal budget before deciding whether to topple the government.
"This Conservative government did not show any plan, any preparation," Dion told reporters at the end of a caucus meeting in Kitchener, Ont.
The two-day meeting ended as the Toronto stock market took a massive hit, with the S&P/TSX composite index falling 605 points -- the worst single-day loss in seven years.
Dion accused Finance Minister Jim Flaherty and the Conservative government of relying too heavily on tax cuts to boost the economy, and otherwise taking a hands-off approach to helping industries.
"The government is completely passive," said Dion. "Mr. Flaherty said he would do nothing to help industries but tax cuts. I pushed for corporate tax cuts, and tax cuts may be helpful, but not by themselves. We also need to help families, workers, and industries with targeted investments from the federal government."
On Monday, the Department of Finance released a statement saying officials were watching the situation, but that "Canada's economic fundamentals remain solid."
Although Dion said the Liberals would have a better strategy than the Conservatives for coping with any economic problems caused by a possible recession in the United States, he also said his party would wait for the federal budget before deciding whether to trigger an election.
"We are not forcing an election," said Dion. "We will consider what the government will offer in its budget, and then decide what to do. But I would say the responsibility of the government to come up with a budget that will help Canadian families to face economic difficulties is much larger now than it was last fall."
Conservative MP Rahim Jaffer, the national caucus chairman, dismissed Dion's comments as empty posturing.
"We have seen this pattern before," he told CTV's Mike Duffy Live. "There's tough talk, beating of the chest by the leader of the opposition, and all of a sudden, as we get closer to a throw-down, he seems to back away with his hands up and say, 'Maybe we need to work a little closer, no one wants an election.'"
Liberal MP Garth Turner, who has pushed for an election in the past, said Liberals should focus on pressuring Conservatives to provide more financial help to Canadians.
"I think the most important thing for us is not to say, 'Oh goody, here's a chance to bring down the government,' when people are feeling concerned about their future," he said. "It might be politically advantageous, but it's not the right thing for Canada."
Other Liberals, however, said divisions between the two parties were so great that the Liberals could no longer prop up the government.
Liberal finance critic John McCallum said the Conservatives have refused to give more help to cities and struggling manufacturers.
"Those are top priorities for Liberals and the government is allergic to those things - that is the key and striking difference between us," he said.
The earliest opportunity for the opposition parties to vote down the government may come after Tuesday, when the Manley panel is expected to release its report on Canada's efforts in Afghanistan. Prime Minister Stephen Harper has suggested he may treat any vote on the report as a confidence motion.
With a report by CTV's Roger Smith in Kitchener
