We are spendiing more that we take in. The government is trying to balance debt in a neo-Keynesian manner. It did not work for Muldoon. It will not work now.

Today’s tender of Treasury bills by the Debt Management Office could hardly be characterised as a resounding success. $350 million was being offered in 3, 6 and 12 month bills and the DMO only filled $305 million and only got that much by accepting more than it was looking for in the 6 months, resulting in a relatively wide range of 7 bp on successful bids in that maturity.

via Latest Treasury bill tender not fully subscribed | interest.co.nz.