Post Debt Ceiling Total Treasury Model Update

Time to refill that TGA

OBBB has passed and the TGA rebuild will start in earnest next week.

TTM performance in June

Net, the TTM under projected receipts by 6.4b and under projected outlays by 9.7b for a net under projection of the deficit of 3.3b for the month, which in aggregate is pretty fantastic.

The internals were not as great mostly due to a significant under projection of individual income tax receipts offset by a significant over projection of corporate income tax receipts. I made some tweaks to September expectations for the TTM.

The TTM was low again on tariff income so Ive bumped up expectations through the end of the year.

For a tax receipt month Ill take it,

TGA Refill, Upcoming Bill Issuance, RRP and Bank Reserves