NDP Leader Jack Layton told his caucus Friday that while his priority is making Parliament work, the party is prepared for an election. ((Adrian Wyld/Canadian Press))

The NDP wants to "get things done for Canadians" in Parliament but will bring down the Conservative government if it doesn't like its budget, NDP Leader Jack Layton said Friday.

"Don't get me wrong, we'll reject a bad budget," Layton told caucus members in a speech. "We'll fight an election over it. But until then, we have a job to do for Canadians."

Speculation has swirled about whether the NDP considers the issue of rolling back corporate tax cuts to be a mandatory condition for its support of the upcoming budget.

The federal tax rate for corporations was reduced to 16.5 per cent from 18 per cent on Jan. 1, and is set to drop to 15 per cent in 2012. The NDP oppose the tax cuts, while the Liberals say they the tax cuts are irresponsible in the current climate of high deficits.

Earlier this week, Deputy Leader Thomas Mulcair told the Hill Times he thought it "very unlikely" the party would support any budget that didn't roll back corporate tax cuts. In an interview Friday with CBC News, he repeated that warning.

"If the Conservatives persist in giving priority to a cross-the-board tax reduction for Canada's richest corporations, it's highly unlikely that the NDP caucus would ever be able to vote for such a budget," Mulcair said.

But in a media availability on Thursday, Layton listed some of the party's other suggestions for the budget and said "We're not approaching this as a bottom line, or that there's one more important than the other."

The party also wants the government to consider retirement security, pensions, health care and removing the federal tax from home heating, he said.

While the governing Conservatives have slammed the opposition for ramping up election speculation, Layton said the timing of the next election is up to Prime Minister Stephen Harper.

"If that’s what Mr. Harper chooses — political games instead of getting things done — then my friends, we'll be gathered together again before you know it. Only this time, I'll be sending you back out across this country to defeat Mr. Harper’s Conservatives," he said.

Layton also told caucus members that the party is "ready for an election, and I need each of you to stay ready to fine-tune our preparations."

Parliament resumes on Monday.