The province's net debt is expected to grow by $11 billion over the next three years.
Alberta saw spending reductions of 20 per cent during the reforms of the 1990s.
Economic growth has been considerably weaker than expected.
This year, the province's debt will reach a projected $36.6 billion.
Next year Alberta is expected to surpass B.C. in per-person debt.
Sixty-five per cent of respondents for Alberta were deterred by the high cost of regulatory compliance.
Premier Ralph Klein’s government reduced program spending by 21.6 per cent over three years.
The budget includes a 1.6 per cent nominal spending reduction over four years.