We have shown that real incremental demand for money during growth can be satisfied, in the rudimentary economy, by deflation of prices and money wage rates. But it can be satisfied too by growth in nominal money at stable levels of prices and money wage rates. If price and wage levels are to be stable during growth, the private sectors of the rudimentary economy must maintain surplus budgets and government must run a continuous deficit. The private sectors must save, lend, and accumulate nominal money while government must dissave, borrow, and issue money.

---

I think Stephanie Kelton makes a similar point, in What Happens When the Government Tightens its Belt? (Part I) and Part II. From Part I:

Because the economy’s financial flows are a closed system - every payment must come from somewhere and end up somewhere - one sector’s surplus is always the other sector’s deficit. As the government "tightens" its belt, it "lightens" its load on the teeter-totter, shifting the relative burden onto you.