Cullen breaks his own debt target

Michael Cullen has admitted that the opening of the books the week after next will reveal he has broken his own gross debt target of 20% of GDP. And this is after all the hysteria about the end of civilisation if this happened under National.

Dr Cullen said there was room for only “very modest” new spending commitments from Labour during the campaign.

I suspect Dr Cullen’s idea of very modest may not be what anyone else calls modest!