THAT WAS A GREAT announcement in Toronto Tuesday, one that featured two political leaders who see themselves soon facing an election and seized on the opportunity to hand out enormous amounts of taxpayers' cash, albeit only where it was politically profitable.

Prime Minister Stephen Harper and Premier Dalton McGuinty effectively launched their reelection campaigns with $1.5 billion for better transit and cleaner air in most of the Greater Toronto Area.

Most, but not all. The new federal money included $962 million for local public transit in Mississauga, Brampton and York Region and transportation projects like Ottawa's share of a Spadina subway extension into Vaughan, and $586.2 million for provincial projects aimed at reducing greenhouse gases.

With growing public concern over gridlock and air quality, Harper and McGuinty clearly hope that being seen as tackling both issues will be vote-getters as they gird for elections.

"If that has political benefits, so be it," said the Prime Minister, who had waited before committing matching federal money for the subway and other GTA transportation projects that the province announced a year ago.

The Toronto Star quoted unnamed sources as saying the federal Tories have targeted an additional seven to 15 seats over and above the 40 they now hold in Ontario. These included key ridings in Mississauga, Brampton, York and Durham. Tory insiders undoubtedly see an ambitious, environmentally friendly transportation infrastructure plan as a winner with GTA voters.

While the timing of the next federal election is still up in the air, Ontario voters go to the polls on Oct. 10. Improving public transit, reducing gridlock and decreasing greenhouse gas emissions will be major planks in the McGuinty's re-election platform.

The premier meanwhile pointed to the fact the money will make life easier for commuters, improve the economy by moving goods faster and reduce pollution. He and Mr. Harper stood on the stage at the former Downsview air force base looking like old school chums.

Left out of the announcement, of course, was anything of benefit to the riding of Dufferin- Caledon, where the federal Tories know they needn't spend anything to hold on to the seat, and the provincial Liberals have long since written the riding off as hopeless.

We wonder when this riding's electors will ever awaken to the fact that there's no advantage in being taken for granted.