US Budget Deficit Soars to Record $291 Billion in July, Outpacing Tariff Revenue
US Budget Deficit Soars to Record $291 Billion in July, Outpacing Tariff Revenue The U.S. government’s budget deficit expanded significantly in July, reaching $291 billion, despite a notable increase in customs duty collections from President Donald Trump’s tariffs, the Treasury Department announced recently. The deficit for July surged by nearly 20% compared to the previous year, highlighting a trend where government outlays are growing faster than receipts. Specifically, the July deficit marked a 19% ($47 billion) increase from July 2024….