Analysis of the Deficit, Fiscal Cliff, and US Debt
3/14/2013 Daily US Cash Deficit
The US Cash Deficit for 3/14/2013 was $1.3B bringing the March Deficit through 14 days to $88B.
As expected, corporate taxes started trickling in…$4B, but 3/15 should bring a lot more…in the $20B range if last year is a guide. I wouldn’t be concerned about it yet, but through 14 days, 3/2013 is $2B under 3/2012 on corporate tax receipts…could easily just be timing. Other than that, the 3/2013 deficit is $20B over 3/2012 due to 2012 revenues from TARP and GSE MBS that have dropped off in 2013. Tax deposits are up by $6B, but this has been offset by a $6B increase in tax refunds. Outlays are pretty much flat.