It is unacceptable for Her Majesty's Government for Canada to engage in deficit spending--which is something that The Right Honourable Stephen Harper P.C., M.P. (Calgary Southwest, the Prime Minister, promised he would never do. That is, before the Government, under his leadership, began a long series of deficit budgets (and before someone goes on a rabid anti-Conservative rant--though I do love 'em--each time it was with the support of one of our scared and confused opposition parties).
Having said this, though, it was not optional spending, in this case. Spending for the Canadian Forces should be our top federal priority, as it is the Canadian Forces that enforces Canadian sovereignty at home and abroad. Consider Max Weber's considerations on the State being the source of legitimacy for the use of force--how can this manifestation of sovereignty exist without a Canadian Forces capable of protecting Canada from the physical threat that might be posed, at a moment's notice, by an external force? The Conservatives, then, have made a good call here in spending these moneys.
Of course, we should be able to trust that they have taken all steps necessary to get the best value for their dollar. This is why I've criticised the way in which this equipment has been procured, since there were opportunities to seek lower costs that were passed up by the Government--clearly irresponsible in a time of deficit spending. In principle, though, whether or not we are in a period of budgets in the red, spending for the armed forces should remain a priority for any Canadian Government. I don't suggest that the Government should have a carte blanche for overspending, though--this procurement should be a priority, but the monery needs to come from somewhere, whether it's increased taxes, department cuts, or provincial transfer payments. We can't just pass it off to the next government that takes office.