Following is some data in regards to the posture of fiscal policy FYTD, through the end of January, 4 months into the FY, and a YoY comparison. (data from the US Treasury's DTS)
FY 2010 as of Jan 30:
Total Treasury Account Withdrawals: 3678
Minus Treasury Redemptions: 2314
Equals Net Treasury Withdrawals: 1364
Total Treasury Account Deposits: 3494
Minus Treasuries Issued: 2514
Equals Net Treasury Account Deposits: 980
FY 2010 YTD (Jan 30) Deficit: 384B
FY 2011 as of Jan 30:
Total Treasury Account Withdrawals: 3707
Minus Treasury Redemptions: 2357
Equals Net Treasury Account Withdrawals: 1350
Total Treasury Account Deposits: 3746
Minus Treasuries Issued: 2808
Equals Net Treasury Account Deposits: 938
FY 2011 YTD (Jan 30) Deficit: 412B
So you can see from this data that it looks like YoY ‘Tax receipts’ or net Treasury account deposits are down from 980B to 938B. The fiscal deficit has increased by 412-384=28B, or approximately $100 per capita, $25 per month per capita. Net Withdrawals have decreased by 1350-1364=-$14B or -$40 per capita, -$10 per month per capita. This means that now YoY, the government is "spending less", that is, the government has had less 'real' withdrawals from it's account at the Fed at this point in the fiscal year versus last fiscal year.
On the non-govt side, Bank credit (via the Fed's H.8) is flat to down (it is probably down 100's of $B) YoY if you factor in the $300B+ add to Total Loans & Leases in Bank Credit due to CIT Financial bankruptcy on-balance sheet adjustment last April. Crude is up, net imports are up.
This is not a lot of support for the economy or growth; and the worse news is that the government policymakers believe that they are spending too much.
Throughout this fiscal year the country has been operating on a "continuing resolution" instead of actually passing a FY 2011 budget. The CR seeks to mimic the discretionary spending levels of the previous year so perhaps it should not be surprising that these YoY comparisons do not indicate much change in expenditures. This could change going forward if a budget is passed, with perhaps some YoY increase in expenditure rates, but the new Congress keeps insisting on YoY discretionary spending CUTS so this seems less likely.