Too high spending, and inflation will go through the roof, while the competitiveness of Norwegian trade and industry goes through the floor.
According to a wildly supported Parlaiment (Storting) decree, any government is allowed to include only a part of the yearly return of the fund in its budget. Of course, given the figures involved, that is still a sizeable amount, if international financial markets have not been released.
For further referance, see https://www.nbim.no/en/publications/reports/2017/annual-report-2017/
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