A top former financial advisor to President Obama has praised the way the National Government is handling the global financial crisis.

Peter Orszag, Obama’s Director of the Office of Management and Budget until 2010, singled out New Zealand as the model for a balanced response to the international debt crisis.

He said combining long-term deficit reduction measures with additional support for the economy was vital, and identified New Zealand as the only country which has got the balance right.

National’s responsible management of the Government’s finances and our economy has enabled the Government to maintain debt at sustainable levels while taking the sharp edges off the recession.

The contrast with Labour’s promises to borrow, tax, and spend more, leaving future generations to repay a mountain of debt, could not be greater.