The Daily Cash Surplus for 8/5/2013 was $5.2B bringing the deficit through 5 days to $54B…right in line with 2012.
Revenues picked up $3B…of the $31B they needed as of the last report to make it to +10%. I really don’t expect a lot of action until next week. Wednesday 8/14 round 2 of SS goes out and it looks like 8/15 has ~30B of interest payments due. But the main thing we should be looking at is revenues. I don’t expect a lot of uncertainty around outlays for the rest of the year…they will probably end the year down 1-2%..I don’t anticipate any large swings either way. Revenues… on the other hand…after a +15% to start the year (Jan-Apr)…have stepped down a notch to around 10%. Any further degradation of these YOY gains…say down to the 5% or do range is going to have a big effect on the 2014 deficit and beyond.
