TORONTO - Ontario's Liberal government will not try to spend its way out of any economic slowdown following wild swings on global stock markets, provincial Finance Minister Dwight Duncan pledged Thursday during an emergency debate on the economy.

The New Democrats were pressing Duncan to help manufacturers with their electricity costs and to assist people living in poverty cope with the faltering economy when the finance minister raised the spectre of Ontario's former NDP government led by Bob Rae.

"If the member suggests that we should run up a deficit in the billions of dollars - that is, try to spend our way out of it the way he and his colleagues did in the past - what I'm going to say to him is no, we won't do that," Duncan told the legislature.

The Progressive Conservatives said they suspected the Liberals called for an emergency debate on the economy to lay the groundwork for more tax increases in the fall economic update.

"There is a suspicion that you're using this to set the table for some bitter pills and more broken Liberal promises," said Opposition Leader Bob Runciman.

"Will you assure Ontarians that there will be no tax, user fees or levy increases in your upcoming economic statement?"

Duncan, who has hinted that he may indeed have to run a deficit if Ontario's revenues drop dramatically because of the slowing economy, shot down the idea of any new tax hikes in his Oct. 22 fiscal update.

"There will be no tax increases, fees or levy increases in that document."

NDP critic Gilles Bisson complained that Premier Dalton McGuinty kicked off the emergency debate Wednesday by boasting about Liberal government achievements, but neither he nor Duncan stayed to hear the leadoff speeches from the opposition parties.

"Does that not speak volumes about how you're not taking your own debate seriously?" Bisson asked.

"You basically engage in what John McCain does in the United States, which is to try to deflect all the attention away from you so that they're not looking at you being the cause of the problem."

The opposition parties have already vowed to vote against the Liberal resolution, which they said is blatantly partisan, but the emergency debate on the economy was expected to last at least three more legislative days.

"The motion you put forward basically says we have to stand in opposition and sing 'Kumbaya' to what you've done for the last four years," Bisson complained. "And it's not working."

The emergency debate will likely drag on for at least another week because of the Thanksgiving holiday and the federal election - days off for the legislature - which leaves only Wednesday and Thursday next week for the debate.

Duncan maintained his government's economic plan has Ontario well-positioned to weather the economic storm.

"Our five-point plan to invest in infrastructure, technology and targeted tax cuts ... is the right, balanced responsible approach in difficult and challenging times," he said.

Conservative Frank Klees said Duncan's performance in the legislature Thursday is largely responsible "for the cynicism on the part of the public about politicians" and the political process.

"On the one hand, the minister and the premier have invited input from the opposition on a very serious public policy issue," Klees said.

"(But) when asked on the other hand if he would commit to strike a select committee to deal with the important information that is being brought forward by members of this legislature, he declines and boasts that they have all the answers."