The US Daily Cash Deficit for Wednesday 2/26/2014 was $18.8B bringing the February 2014 deficit to $176B with two days remaining in the month.
Tax refunds were down from $14B last year (Wednesday 2/27/2013) to $10B, helping 2014 revenues push back ahead of 2013 by $3B. Other than that, revenues and outlays were flat. The final SS payment went out today…as it stands growth YOY growth….comparing the last 12 months to the 12 months before that..SS payments are up $57B, good for an 8% growth rate. So all else equal, we need ~$60B of additional revenue each and every year…just to stay where we are. That’s nearly $440 per worker…per year…and it’s cumulative. Food for thought….
Two more days to go….a lot could happen given the volatility, but breaking through $200B looks all but certain unless refunds collapse or for some reason that $35B of cost I am expecting Friday gets pushed to Monday. Best guess….$215B