U.S. deficit hits $291B despite tariff windfall

Description

The U.S. government ran a massive $291 billion deficit in July, according to data released Tuesday night by the Treasury Department, even as customs duty collections soared nearly $21 billion thanks to Trump’s tariffs. That deficit was 19% larger than July 2024, growing by $47 billion, driven mostly by a sharp rise in federal spending that completely outpaced revenue growth. The numbers show receipts rose only 2%, bringing in $338 billion, while outlays jumped 10% to a record-high $630 billion, ...