It’s not really a surprise, but the day after we post a $24B surplus….we go and post a $33.7B deficit to kick off October.
It’s a bit early to really start doing YOY comparisons, but we can immediately see that revenue is starting in a $10B hole. What has probably happened is that timing has pulled about $10B into September…helping to post that rather impressive 14% YOY gain. Unfortunately, we’ll probably see the other side of that in October, so when you average them out, it may not be so impressive after all.
Cash in hand was down $38B to $51B with a $25B social security payment set to be paid Thursday. According to Treasury, we have about 2 weeks before things start getting hairy…stay tuned.
