The good news: the deficit in June was $59.7 billion, just on top of expectations of $60.0 billion. The bad news: the June deficit was $59.7 billion, following $125 billion in May (and yes, right after that shocking and one-time, tax return driven $59 billion surplus in April), and $16.7 billion higher compared to last June. Total debt in June increased by $85.7 billion so more or less in line. The cumulative deficit in Fiscal 2012 is now $904 billion through June, compared to $970 billion last year over the same period. Will this ever change? Not as long as profligate spending-encouraging record low yield is there. Tune in next month when we find that the July deficit was about $140 billion in line with historical data.