July 14: Welcome Instapundit readers. The host seems to have bogged down a bit, but seems to be back (grrr ….). Remember that comments are moderated. I have two somewhat-related posts and a PJM column I’m trying to get through.
Summarizing the past quarter’s receipts after the release of today’s Monthly Treasury Statement:
Receipts, which I had estimated would be $230 billion in June, came in at $215.4 billion. O…M…G.
Just to be clear, last year’s $866.7 billion above excludes about $78 billion in stimulus payments, which were treated (incorrectly, in my opinion) as negative receipts. Regardless of their treatment, they had nothing to do with tax collections from economic activity during the quarter. This year’s second-quarter receipts on the valid “economic activity” measurement came in almost 31% lower than last year.
More on this, and the deficit, later tonight.
UPDATE, 11 p.m. — The AP’s Martin Crutsinger outdid himself in sloppiness and deception in his report on the deficit and his Meltdown 101 Q&A. It’s too much to get to this late at night. We’ll have at it tomorrow.
Just know that the June deficit of $94 billion is a record for the month of June by miles and miles (every June from 2008 back to 1997 shows a surplus) — and, as explained previously, effective in April of this year, retroactive to October 2008, it doesn’t even include all outlays any more.