Problem with glue can; bad debt but now have no deficit (8,6)

I believe the answer is:

balanced budget

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'now have no deficit' is the definition.
I know nothing about this answer so I can't judge whether it can be defined by this definition.

'problem with glue can bad debt' is the wordplay.
'problem' indicates an anagram.
'with' says to put letters next to each other.
'glue'+'can'+'bad'='gluecanbad'
'gluecanbad' next to 'debt' is 'gluecanbaddebt'.
'gluecanbaddebt' anagrammed gives 'BALANCED BUDGET'.

'but' acts as a link.

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I've seen this clue in the Sydney Morning Herald.

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