The US Daily Cash Deficit for 7/18/2013 was $5.7B bringing the July 2013 cash deficit to $83B with nine business days remaining. That’s already $3B over the estimate I made at the beginning of the month and looking at historical patterns, it would be a bit abnormal to see much improvement over the rest of the month, but you never know anymore.
Revenues are still sitting on +5.5%. The extra day should be good for about+$9B…a 4% bump….so I suppose we are more or less on track for the +10% we are looking for, but August is going to be a real challenge. On cost…I think we are likely to see some real improvement by month end…(adjusted for timing of course.) Defense vendors and education look to be the big cuts so far…even interest is down about $1B…thanks ZIRP!!