On Feb. 7, the Progressive Conservative Party of Prince Edward Island will choose a new leader, and as a result, either Rob Lantz or Mark Ledwell will become the province’s new premier.

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Shortly after taking office, the new premier will table his first budget. The provincial government’s finances have deteriorated substantially in the last few years, so there’s no time to waste. Fiscal responsibility must be a key element of the upcoming budget.

To understand why, simply look at P.E.I.’s books. This year the government will run a projected $367 million deficit — in absolute dollars, by far the largest deficit in P.E.I. history — due mainly to spending increases. And combined with a sizeable deficit last year, it marks a clear departure from the fiscal responsibility of........

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