7/11/2013 Daily US Cash Deficit

The US Daily Cash Deficit for 7/11/2013 was $4.9B bringing the July 2013 deficit through 11 days to $77B. Revenues are still trending low at 4% YOY gain. Next week could bring a change in fortune, as the 15th usually brings a spike in revenues….hopefully it will be enough to bring that YOY back up to 10% or so.

07-11-2013 USDD

There is one interesting data point I would like to point out…business tax refunds are up 77% from ~$1.1B to ~$1.9B compared to last year. At less than $1B, it’s really not material, just interesting. So far, gross corporate taxes recievedĀ are down a bit, but essentially flat YOY…we’ll know by the end of next week if the refunds numbers are an ominous sign that corporate taxes are headed down, or if it is just an immaterial timing blip.