do we just sit and wait for the axe to fall?, page-13

Actually no.
Since GFC, the US government tax intake has been increasing due to the booming financial markets and improving employment numbers.

Selected data:

Federal receipts for Withheld Income and Employment Taxes increased 9.3% (17.36B) YoY in March 2014. Working-day count was unchanged.

Personal Income Tax Refunds issued declined 10.4% YoY for the month of March 2014, but remain 3.1% above 2013 FYTD.

YTD tax refunds for individuals increase $25.3B in 2014 to $115B from $89.7B in2013 as-of Feb 20th data. Expect to see it in retail sales.

Withheld Income and Employment Taxes: January 2013: $172B (22 working days); January 2014 $185B (20 days) +7.5% YoY.

Despite the snow and one less work-day than 2013, Withheld Income & Employment Taxes up 8% YoY for month of February to $177.1B


But...Yellen said 2% is not enough. Need 4%