Looks like the fiscal year deficit will drop from 7% of GDP in 2012 to 3.2% of GDP in 2013.

That means it’s probably going to be running at pace much lower than that on a month to month basis. Again, we are at risk of the deficit not being large enough to support GDP growth at current levels as demand leakages continue unabated.

Could private credit or exports expand sufficiently to ‘make up’ for the reduced govt deficit spending?
Yes, in theory, but so far I see no signs of that happening.

Monthly Budget Review for June 2013