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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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Trump Tariff Revenue Reaches $25 Billion Monthly - The Pennsylvania Daily Star
Revenue from President Trump's tariffs reaches $25 billion monthly, according to the Committee for a Responsible Federal Budget. The bipartisan group reported that the monthly tariff revenue jumped from $7 billion a year ago to $25 billion in July, according to the Washington Times. The post Trump Tariff Revenue Reaches $25 Billion Monthly appeared first on The Pennsylvania Daily Star.
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.
Coverage Details
Total News Sources76
Leaning Left18Leaning Right14Center11Last UpdatedBias Distribution42% Left
Bias Distribution
- 42% of the sources lean Left
42% Left
L 42%
C 26%
R 33%
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