> The Treasury said federal spending in June was $342 billion, down 12% from the same month in 2018, while receipts were $334 billion, up 6% compared with June

> The Treasury said federal spending in June was $342 billion, down 12% from the same month in 2018, while receipts were $334 billion, up 6% compared with June 2018... > When adjusted for calendar effects, the deficit for June was $55 billion compared with an adjusted deficit of $30 billion in June 2018. Calendar adjustments had little effect on the year to date figures. Can anyone clarify this for me? I'm familiar with calendar adjustments in the sense of smoothing patterns (e.g. construction stopping in the winter) that happen over the course of the year to better compare between quarters. But it's not at all obvious to me what it means to adjust for "calendar effects" in a June-to-June comparison. (The nature of the adjustment seems particularly significant for this story, since it's the difference between a shrinking and a rising June deficit.)