It was read in the House of Commons of Canada on March 23, 2004, by Finance Minister Ralph Goodale of the governing Liberal Party.

The budget contained few surprises: most major initiatives had been announced long beforehand.

Government spending was set to increase at the same rate as Gross domestic product (GDP) over the next few years with any surplus going to pay down the national debt.

The budget was criticized by the Conservative Party for its lack of tax cuts and its increases in spending.

The New Democratic Party criticized the policy of debt reduction, arguing that social spending, especially on health care, would be more beneficial.