I predict utter failure:
http://www.theglobeandmail.com/news/national/ontario/ontario-government-to-propose-wage-freeze-for-public-sector/article1649078/
McGuinty will feel the heat and cave, especially since next year is an election year. He's not going to win votes from the right on this, especially after the HST issue.
The only way to balance the budget is to cut spending.