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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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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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regionalmedianews.com broke the news in on Tuesday, August 12, 2025.
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