Don't put too much stock in Tuesday's provincial budget. It was largely a placeholder designed to fill the gap while the Liberals chose a new leader.

The budget was crafted to leave a great deal of leeway for the next premier to put his or her stamp on the province as quickly as possible.

It includes $950 million in contingency funding and forecast allowances for the coming fiscal year -largely a slush fund to let the incoming premier announce new spending, tax cuts or the elimination of the deficit, forecast at $925 million.

There is more wiggle room. Finance Minister Colin Hansen, in defending the 15 per cent income tax cut announced and then withdrawn by Premier Gordon Campbell last fall, indicated major "administrative" savings could still be found in ministry budgets; revenues are likely underestimated, as they were in the fiscal year which ends March 31.

The documents refer repeatedly to this year's effort accurately as a "status quo" budget. That's largely true.

Spending for the coming year is projected to rise 1.6 per cent. That's almost entirely because of a 6.2 per cent increase in the health budget. Fifteen of the 21 ministries face spending cuts.

And the forecast for the following two years doesn't really count as a budget at all; the government has just assumed spending would be unchanged from 2011/12 levels for almost all ministries, while providing moderate increases for health.

The most striking budget numbers reflect soaring government debt. Total provincial debt will climb from $38 billion in 2008 to $60 billion in 2013.

Three factors have driven the debt -operating deficits, which the budget projects will end by 2013; infrastructure spending, largely in $7 billion on roads and projects in the Lower Mainland; and some $5 billion in B.C. Hydro capital projects.

Hansen defended the mounting debt. The operating deficits were a necessary response to the global recession, he said, and the alternative would have been deep spending cuts. The infrastructure spending helped provide needed economic stimulus. Both claims are true, and the level of debt remains manageable as a percentage of the province's GDP.

But interest costs will reach $2.4 billion this year and B.C. Hydro spending will result in higher rates.

The budget is also notable for the absence of clear longterm policy directions. Past budgets have had grand themes -children or the new relationship with First Nations or climate change.

But it is difficult to see a commitment to any long-term priorities.

Spending on the ministry of children and families, for example, is frozen for the next three years. There is no additional money for universities and science. Income assistance and funding for Community Living B.C. are also frozen for three years.

Like the throne speech, the budget suggests a government adrift, and not just because of the leadership change.

In fact, the greatest lesson from the budget could be for the Liberal leadership candidates. They should now be contemplating just how they can bring new energy and policy direction to a government that is short of both.