The US Daily Cash Surplus for 7/15/2013 was $6.8B bringing the July 2013 Deficit through 15 days to $69B. Today was the big day for corporate taxes….they were up, but only 2% vs the comparable day last year (7/16/2012). It is possible we see some receipts tomorrow that build on that, but definitely no fireworks yet..
Revenues are now actually down just a bit, but essentially flat YOY. Mathematically…the rest of the month will need to run +20% just to end up at the +10% we have come to expect. Clearly this is possible….we’ve seen it before.