The US Daily Cash deficit for 7/17/2013 was $10.3B as round 3 of Social Security payments went out totaling $12B for the day, $48.8B for the month, with one large payment left next Wednesday. Comparing this year to last looks like about an 8% YOY gain…pretty much on par.
Revenues still hovering between 5-6% YOY gain, so certainly within striking distance of the 10% we’ve come to expect. On the deficit…we are $21B worse off than last year…primarily due to timing. However…I had been expecting us to more or less match last year’s $82B deficit nonetheless…on higher revenues and lower costs. But…with 10 days left…historically we should expect to see a ~20B deficit over the rest of the month…putting us closer to $100B. I’m not changing my estimate yet, but it is looking less likely by the day.