The Us Daily Cash Deficit for 8/27/2013 was $5.9B bringing the August deficit through 27 days to $122B with three business days remaining. Revenues have finally pulled even to August 2012’s pace at $179B…likely on track to edge out August 2012’s $204B of revenues by a few billion or so.
With three days left…August is looking like a big disappointment…with flat revenues, and adjusted for timing, more or less flat cost….where we are really looking for +10% revenues and 1-2% reduction in outlays to match earlier month’s performances. This would make two in a row…though we should probably average them together….I’ll do that once the finals are in. Obviously…if August ends like that…it won’t be a good thing, but September Revenues is what I am most interested in. Quarter ends are always stronger in revenues….and subject to more uncertainty. If we see solid YOY revenue gains across the board…it will be good news…or at least more of what we’ve seen over most of 2013. If…however, revenues disappoint for the third month in a row, it will be a pretty good sign that trouble’s a brewin…and the pony ride that the first half of 2013 has resembled is just about over.