US Daily Cash Deficit 2/7/2014

The US Daily Cash Deficit for Friday 2/7/2014 was $1.5B bringing the February 2014 deficit through 1 week to $24B.

2014-02-07 USDD

Refunds continue to be extremely low. Last year,¬† on Friday 2/8/2013 $8.8B of tax refund payments were made to individuals. Friday 2/7/2014… only $270M. Through 1 week, $18B less refunds have gone out vs last year….that can’t be good for retailers..

Cash ended at $34B on the day the debt limit was put back into force at $17.212T. So in theory, we can run a deficit of $34B….plus whatever Lew can squeeze out of “Extraordinary Measures…over the next 17 days. Last year, the deficit over that period was $144B, but given the sporadic refund payments we’ve seen, I don’t know whether to expect a surge as they catch up, or a permanent deficiency. Stay tuned…