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Gov. Gen. Michaelle Jean unveiled the Harper government's five-point plan to protect Canada from the global economic meltdown in the speech from the throne.

The plan focused on cutting costs and didn't rule out a deficit -- a far cry from last year's throne speech, which was focused on using big surpluses for tax cuts.

Jean said it would be "misguided to commit to a balanced budget at any cost," a sign that Prime Minister Stephen Harper's budget may be headed for the red this year.

The speech repeatedly mentioned the importance of "prudence" and said the government would put department spending "under the microscope."

"Hard decisions will be needed to keep federal spending under control and focused on results," the speech says. "Departments will have the funding they need to deliver essential programs and services, and no more. Our government will engage Parliament and encourage members to take a more active role in scrutinizing spending and suggesting areas for restraint."

As usual the speech was big on plans and directions, but with little in terms of specifics.

Other highlights from the speech:

• More support for auto and aerospace industries.
• Investment, competition and copyrights laws to be modernized.
• Rededicating efforts to work with international partners to improve and strengthen global financial rules.
• Reduce regulatory barriers to speed energy projects such as; gas pipelines to the north and nuclear projects.
• Reduce Canada's total greenhouse emissions by 20 per cent by 2020.
• An objective that 90 per cent of Canada's electricity be provided by non-emitting resources.
• Legislation to ban all bulk water exports from fresh water resources.
• A renewed focus on rebuilding and construction efforts in Afghanistan.

The speech form the throne announced that Finance Minister Jim Flaherty will detail the government's plans with an economic update later in the week.

Flaherty said a deficit wasn't a sure thing at this point and said there is no plan for a major economic stimulus package next week.

"I wouldn't expect a deficit right now," Flaherty told reporters. "If we have to do more, we'll do more. If we have to run a deficit, we'll run a deficit."

A deficit is expected for the 2009-2010 fiscal year, which begins April 1.

Flaherty deflected questions about the auto industry and said he wasn't the right person to ask about help for the beleaguered industry.

The finance minister also said he plans to push ahead with plans for a national securities regulator even if some provinces are opposed.

"We are going to go ahead and create a Canadian securities regular, we're going to do this with our willing partners," Flaherty said.

Ontario is for the proposition, while Quebec is opposed.

Flaherty should give an economic update on Thursday or Friday.

BNN's Amanda Lang told Â鶹ӰÊÓnet that the throne speech did not seem to have much affect on the markets.

"It would have had to have been pretty electric to get any reaction," Lang said, noting the market was already in turmoil over Scotiabank's writedown of nearly a billion dollars.

Reaction

NDP Leader Jack Layton said the speech showed the Tories are not changing direction despite the economic meltdown.

"It's more of the same and people . . . want bold action," he said.

He said there was no mention of an economic stimulus package similar to ones in other countries.

The government will face a confidence vote on the throne speech and Layton indicated his party would not support it.

Liberal Leader Stephane Dion said his party is focused on making Parliament work and will not oppose the throne speech.

"As there is nothing new in this throne speech, it would be irresponsible to bring the government down on this," Dion told reporters.

But Dion criticized the Harper government, saying that they have overspent in their three years of office and have cut the wrong taxes.

Bloc Quebecois Gilles Duceppe said the speech did not have anything on employment insurance or for seniors worried about their pensions and would not support it.

Duceppe also expressed worry about the deregulation of environmental laws surrounding pipelines in the north.

Liberal MP Michael Ignatieff told CTV's Mike Duffy Live the Bloc and NDP don't have the burden of bringing down the government and said Canadians don't want the Liberals to trigger an election.

Ignatieff said the Liberals would fight any Tory cuts that affect the living standards of Canadians.

Layton defended criticisms that he opposed the throne speech on a knee jerk reaction on Mike Duffy Live.

"Steady as she goes is not the right way to proceed right now," Layton said, repeating that "bold action" is needed for the economy.

Energy, infrastructure

Environment Minister Jim Prentice told Mike Duffy Live said that the gas pipelines were necessary for prosperity of the North and that they would not hurt their Tories climate change plans.

Prentice also said Wednesday that nuclear power would be a key component of the Tories energy and climate-change plans.

Ignatieff also spoke in favour of infrastructure building and the northern pipeline.

"We're in favour of prudent infrastructure investment and what it means for jobs," Ignatieff said. "If we're building pipelines, somebody got to make the pipe."