US Deficit Grows to $291 Billion in July Despite Surge in Tariff Revenue
The U.S. government's budget deficit grew nearly 20% in July to $291 billion despite a $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 deficit for July was up 19%, or $47 billion, from July 2024. Receipts for the month grew 2%, or $8 billion, to $338 billion, while outlays jumped 10%, or $56 billion, to $630 billion, a record high for the month...
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