• September US budget surplus at $75B vs $42B exp
  • Compares to a $63B Sept deficit in 2011
  • 2012 fiscal year deficit at $1.089T vs $1.297T in 2011 FY

In August, the deficit was unexpectedly large so the giveback in September is assuredly a function of that.

The deficit has improved compared to last year but any time you’re talking trillions, you should be worried. According to Bloomberg, it’s the fourth-largest deficit since WWII and I believe 2009, 2010 and 2011 were the top three.