The US Daily Cash Surplus for 2/25/2013 was $0.6B bringing the February total through 25 days to $186B. With only three business days remaining, it is increasingly unlikely that the 2/2012 deficit will match or exceed the 2/2012 deficit. There are several moving pieces, but the two primary drivers for the improvement are likely to be a bona fide increase in tax revenues of about $$10B-$20B and tax refund delays pushing refunds into March and April of $10B-$20B. The extra business day in 2/2012 will also be a factor. We will have all our answers this Friday 3/1, with a monthly recap to follow.