US DATA: Jan Tsy budget -$27.4b vs -$49.8b in Jan’11. About $18b of the
improvement was due to timing issues (benefits were moved into Dec in
both yrs), while the rest reflects receipts rising about +3% YOY. Jan’12
includes a $10b student loan subsidy. The FYTD12 budget is -$349.1b vs
-$418.8b in FYTD11, an improvement as the economy grows.
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