The US Daily Cash Surplus for 12/31/2013 was $21.4B pushing the December 2013 surplus to $54B, and the 2013 full year cash deficit to $660B. As expected, revenues were strong led by $39B of GSE dividends…including the $25B related to Fannie’s pretend tax assets. Outlays were also strong as $6B of interest was due and a slew of payments that typically go out on the first of the month were pulled into December with 1/1 being a holiday…..of course this happens every year, so it doesn’t really cause a timing variance.
I’ll have a more detailed 2013 post up in a week or so, but the bottom line is that 2013 was an impressive year, with revenues up 14% and outlays down 1%…good for a $436B improvement from $1.096T in 2012 down to $660B in 2013…the first sub $1T deficit since 2008.
