US Daily Cash Deficit 2/27/2014

The US Daily Cash Deficit for Thursday 2/27/2013 was $8.1B bringing the February 2014 deficit to $184B with one business day remaining.2014-02-27 USDD

Just for fun, I have re-synced the days on day of month from day of week, so we are now comparing 27 days of 2013 to 27 days of 2014. Ballpark, I would guess a $35B deficit for 2/28, which would get us to $219B for the month vs. $229B last year. Outlays will be flat…maybe up a little, and revenues will also be up a little. Refunds are still a big question mark….historically, I’d guess maybe $4B-$5B. Any divergence from this rate will impact the deficit accordingly.

US Daily Cash Deficit 2/26/2014

The US Daily Cash Deficit for Wednesday 2/26/2014 was $18.8B bringing the February 2014 deficit to $176B with two days remaining in the month.

2014-02-26 USDD

Tax refunds were down from $14B last year (Wednesday 2/27/2013) to $10B, helping 2014 revenues push back ahead of 2013 by $3B. Other than that, revenues and outlays were flat. The final SS payment went out today…as it stands growth YOY growth….comparing the last 12 months to the 12 months before that..SS payments are up $57B, good for an 8% growth rate. So all else equal, we need ~$60B of additional revenue each and every year…just to stay where we are. That’s nearly $440 per worker…per year…and it’s cumulative. Food for thought….

Two more days to go….a lot could happen given the volatility, but breaking through $200B looks all but certain unless refunds collapse or for some reason that $35B of cost I am expecting Friday gets pushed to Monday. Best guess….$215B

Daily Cash Deficit 2/25/2014

The US Daily Cash Deficit for Tuesday 2/25/2014 was $10.4B bringing the February 2014 Deficit through 25 days to $157B with 3 business days remaining in the month.

2014-02-25 USDD

Altogether, not much YOY change for the day, though refunds were a little higher and outlays were down a bit.  For the month, revenues still stand lower than last year by about $2B….with an increase in tax receipts being washed out by an increase in tax refunds. This could still go either way with the volume of tax refunds being the key unknown. Outlays, while down by quite a bit at this point due to timing, should more or less catch back up by Friday.

US Daily Cash deficit 2/24/2014

The US Daily Cash Surplus for Monday 2/24/2014 was $7.5B on strong revenues and a $3B drop in the pace of refunds. This drops the February 2014 deficit through 24 days down to $147B with 4 days remaining….still within striking distance of $200B.

2014-02-24 USDD

As expected, refunds were volatile, dropping from $9.7B last year Monday 2/25/2013 to $6.7B yesterday (Monday 2/24/2014). What I didn’t expect was $3.3B of corporate tax receipts. Glancing back at past February corporate taxes, they generally trickle in at ~100M a day, building up to the 15thish when  $2-3B is received before tapering back down. February is not a big corporate tax month..2013 had $5.3B. We already saw our mid period bump, so I have no clue where this $3.3B came from…..maybe the WhatsApp guy cashed out???nah…too soon 🙂


US Daily Cash Deficit 2/21/2014

The US Daily Cash Deficit for Friday 2/21/2014 was $4.6B bringing the February 2014 deficit to $154B with 5 business days remaining.

2014-02-21 USDD

No material movement on the day. Refunds were up a bit, revenue was down a bit, and outlays were up…leading to a loss of ~1.5B vs 2013…well within normal variations. Hitting a $200B+ deficit for the month looks like a sure thing given that Friday will likely have a ~$35B deficit, and we still have $12B of SS to go on Wednesday. The big wildcard is going to be refunds. Last year the last week of February sent out ~$30B of tax refunds….given how unpredictable they have been so far….Nothing within +/-$15B of last year would surprise me at this point.