US July Budget Deficit up 20% Year-over-Year Despite Record Trump Tariff Income
July deficit rose to $291 billion despite $21 billion tariff revenue increase due to 10% higher government spending and record gross interest costs, Treasury data shows.
- Despite record tariff revenue, Tuesday's data showed the U.S. budget deficit grew nearly 20% to $291 billion.
- According to a U.S. Treasury official, July customs duty collections from President Donald Trump's tariffs increased to about $28 billion, while overall spending rose due to higher interest and Social Security costs.
- Over the first ten months of the fiscal year, the deficit widened to $1.629 trillion as receipts rose 6% to $4.347 trillion and outlays increased 7% to $5.975 trillion.
- In July, interest spending reached $91.9 billion, pushing the ten-month total past $1,019,000,000,000 while the U.S. national debt nears $37 trillion.
- By fiscal year-end, 2025 may rank behind only covid-era deficits, as the CBO estimated tariffs would cut deficits by $2.8 trillion over ten years.
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US deficit grows to $291 billion in July despite tariff revenue surge - West Hawaii Today
The U.S. government’s budget deficit grew nearly 20% in July to $291 billion despite a nearly $21 billion jump in customs duty collections from President Donald Trump’s tariffs, with outlays growing faster than receipts, the Treasury Department said on Tuesday.
The US budget deficit rose by 20% in July compared to last year, despite a 273% increase in tariff revenue, according to Treasury Department data...
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Total News Sources69
Leaning Left18Leaning Right12Center10Last UpdatedBias Distribution45% Left
Bias Distribution
- 45% of the sources lean Left
45% Left
L 45%
C 25%
R 30%
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