Premier Dalton McGuinty is warning it will take several budgets to dig the province out of its economic rut.

A lot of work is needed to create the fundamental change the economy needs to thrive and, given Ontario’s financial situation, it will take several years to make those changes, McGuinty said yesterday.

“We cannot lay the foundation for a new economy in one budget,” McGuinty said.

“What I’m pursuing here is an agenda that will take several budgets to implement.”

McGuinty has already warned of multi-year deficits for the province — starting with a “significant” shortfall in the upcoming spring budget —and is touting renewable energy as a way to create jobs.