Cullen and his elves are panicking. Sadly they have managed to trap some witting accomplices like The Press into joining the general panic. The Press article is a mess quite frankly - They have mixed annual with three year estimates, made no allowance for timing - phase in or phase out, mixed capital with operating expenditure (eg new roads vs road maintenance) and assumed everything is paid in cash from what is in the piggy bank today. It is a rubbish piece of analysis, and that newspaper should know better, than to parrot crap uttered by Labour Ministers and the 9th floor spinmeisters. I expect more from Press gallery journo's.

While Labour is trying to panic National into showing its hand; the longer this stand-off goes on the wilder we can expect the claims from Labour. Whereas some commentators think this will raise expectations it is as likely to confirm Labour as strident and not in touch.

Dr Cullen has lost all credibility as a sure touch on the tiller. His budget was a shambles. How to lose an election-101. His own forecasts on growth in public expenditure, show no marginal benefit on the output side and also reveal the sophistry that he leads a prudent, fiscally responsible Government. Cullen has a long way to go if he is to match Brash as a safe pair of economic hands. Brash has made it in the outside world - a place where all the Labour Ministers, bar Sutton (and even he is looking slow now mind) would perish. The electorate are beginning to show they know that as well. Wild claims will make the claimant look just that, wild.

National should wait until the Government has released the pre-election fiscal update.

And the reason:

"Labour have already shown the accounts are not in as good a shape as they previously said. One example; the Kyoto debacle with at least an unplanned $500 million going to Russia and there may be more surprises, So National has to wait until the books are released."

Feed them their own cooking.

May be William's deep dark secret is that the promises and covert hard wiring of the economy under Cullens' socialism have made it impossible for any other agenda to operate....

Finally, ACT (alone I think) have had their Tax agenda costed by Treasury. It shows that after their cuts, a surplus remains and there is a kicker on good economic growth.