However there is a crucial point that indicates things won't be as effective here:
The following year, Jean Chrétien, the Liberal prime minister, unveiled what became known as the "bloodbath budget", in which departmental spending was reduced by an average of 20 per cent.
By 1997 the deficit had been eradicated. However, health and education budgets were slashed and thousands in the public sector lost their jobs.
That's the point, when Canada looked at its over spending problem there were no areas of spending that were sacred cows that couldn't be touched even politically sensitive things like health and education. This government has decided to ring fence NHS spending, purely to give the Tories political protection in an area where the public don't trust them enough.
Essentially the Conservative Party gave up trying to make the argument that public spending was in and of itself a good thing some time after 2005, and their efforts since 1997 had been insipid, so they are not in a position to make the argument that cuts aren't necessarily a bad thing.