Thursday’s federal budget from Finance Minister John Flaherty outlines $17.6-billion over five years in spending restraint – primarily in foreign affairs and defence spending.

There is little in the way of new spending, except for fulfilling commitments already made. The government is continuing with its promised $19-billion dollars in fiscal stimulus this year – and that program will come to a screeching halt next March.

It’s also continuing with corporate tax cuts and plans to completely phase out tariffs on manufacturing equipment by 2015.

Flaherty has closed a tax loophole that allowed both executives and their employers to claim tax breaks when they cashed out stock options.

He has also scrapped the medical tax credit for cosmetic surgery unless the procedure is recommended by a doctor.

Flaherty says there will be no tax increases or funding cuts to the provinces, health care or defence.

There is no NEW spending on jobs in this budget.