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In Quebec’s case, loss of power would be a cruel return for a job well done. The province isn’t used to being cited as an example of fiscal rectitude: most of the country still gets more enjoyment from complaining about the $11 billion it rakes in from the equalization program, thanks to its mysterious ability to qualify as a “have-not” province year after year. Yet in finally addressing the province’s chronic underperformance, Finance Minister Carlos Leitão has shown a degree of political nerve absent from previous governments, and the province has benefited from his efforts.

This year’s budget will again enjoy a surplus, the fourth in a row. Previous surpluses have been used to boost spending on health and education, and to fund a $1.2 billion income tax cut announced last fall. The books are in such good shape, Leitão reported, that he plans to plunk down $10 billion on the debt accumulated over previous decades. The money will come from a special investment fund set up to offset the painful cost of so much borrowing, and represents the biggest repayment since the 1950s.

“It’s a historic moment for Quebec, and is a direct result of our good management of public finances and the good performance of our economy,” Leitão boasted in announcing the payment, which will cut future interest costs by about $1 billion over the next five years.

A sound fiscal record hasn’t been enough to halt a slide in popularity, however. Quebec’s Liberals have been in power for all but 19 months of the past 14 years, and face an election in October with a population eager for new faces. The decline of the Parti Québécois has weakened a key source of Liberal support — fear of the separatists — as have memories of the painful early days of the economic turnaround.