Federal Tax Receipts Show Economy Grinding To A Halt

``The one month moving average of daily withholding tax collections is at about the same level as last year. May's gains have dissipated. The 13 week moving average is sinking fast and should be hitting bottom now. It is at roughly the same level as last year... If this graph drops below last year's level from here, then the economy probably is in free fall. That would be very bad news in terms of the levels of debt the Treasury must float in the months ahead.''