In this collection of essays leading Canadian policy analysts focus on a range of issues and implications arising from the 1997 federal budget. Essays include a comparative assessment of the Paul Martin and Michael Wilson budgets, an assessment of the emerging fiscal dividend and an evaluation of alternative ways in which it can be spent, a comprehensive overview of the proposed child benefits package, an in-depth examination of new proposals for both the Canada Pension Plan/Quebec Pension Plan and employment insurance, and an empirical review of the fiscal stance as it relates to employment and the output gap. Essays also examine provincial budget issues, including a retrospective on the series of budgets tabled by retiring Alberta treasurer Jim Dinning and an overview of the deficit and deficit performance of the provinces over the last decade.