February is now closed and FYoY we ended up with a bit higher spending for the calendar month of February.
This year closed at net withdrawals from the TGA of $459B while last year finished with $443B for the month; most of this YoY increase due to an increase in IRS Tax Refunds of $13B for the month that Mike covered here previously in his latest video presentation.
FYTD we are now EVEN with FY 2013 at $1790B of net Treasury spending, after starting out in the hole for $37B combined for the first two months in the face of the Congressional debacle of this past October and some knock-on effects into November.
So since the end of November we have made up a $37B deficit and are now back to even FYoY.
Interactive chart below showing the FYTD trend and FYoY comparisons:
3 comments:
Great work by Matt Franko once again. Nobody and I mean,NOBODY is putting out these numbers. We are the only ones doing here on MNE.
Agree. Nice work Matt!
Quick comment post March 1st:
now we are behind by about 30B again after the 1st day of March:
Seems like we are still doing all we can just to keep up with last year's spending level...
So we find ourselves behind here again (albeit by the same 30B or so....) and hoping for an increase in the new month ahead to put us back to even...
Glass half full: This is a bit less than the -37B deficit due to the Oct/Nov shutdown events so since those 2 months which effected the Q4, we are at least at 'break even" YoY and not a disaster... So 1Q should see better results than 4Q... which would foment a bit of an "upside surprise" here in Q1 ...
Glass half empty: Without a spending recovery in the NON tax-refund line items, over the next month or so, the Q1 "recovery" will not be repeated in the 2Q or perhaps the rest of the FY....
rsp,
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