May 2017 Cash Deficit: $107B

The May 2017 Cash Deficit came in at $107B.

That may not look great YOY, but the big expense spike was timing related, and expected. On the revenue side, we got a $20B bump from the FCC…I’m assuming spectrum auction revenues, and otherwise solid revenues with an additional business day as well…

Put it together and the YOY deficit through 5 months is actually down $3B as revenues are at +3.7% while outlays are up about 3%. I wouldn’t count on the +3.7% sticking…+2.0% looks a bit more realistic once you pull out the one offs, but regardless, here we are with a very slightly improved deficit. It’s still not great, but we’ll take it!!