The good news: it is better than the $97 bln consensus. The bad news: it compares to a $33.5 bln surplus last year amid the early stages of the recession. The yearly deficit has broken the $1 trln market, at $1.086. Last year, the deficit was at $285.9 bln at this time last year. Both tax receipts are down and outlays up versus a year ago, it should surprise no one.
Markets are unchanged with EUR/USD at 1.3969 and 92.61 in USD/JPY.
