US DATA: May Tsy budget -$57.6b vs -$135.9b in May’10. Tsy says the
largest component of the decrease in outlays was a one-time downward
adjustment in TARP costs of -$45b as per Admin’s budget, but that
excluding this the deficit still would have been -24% on better taxes
(+19% YOY). FYTD-11 deficit is -$927.4b vs -$935.6b in FYTD10. US Tsy
reports -$10.8b MBS.