US DATA: March Tsy budget -$198.2b (biggest ever for the month of
March) vs -$188.2b in Mar’11. Tsy said the calendar shifted $30b of
April payments forward (Apr 1 was a Sunday), and revisions to TARP costs
added $7b to outlays (these incl valuation of GM/AIG stock). Adjusting
for these shifts, outlays would have fallen about $9b. FYTD-12 budget is
-$779b vs -$829.4b last year at this time on flat outlays but a 4% YOY
advance in receipts; thus the budget has underlying improvement. Tsy’s
GSE mortgages -$3.3b in March.