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U.S. Budget Deficit Widens to $291 Billion in July Amid Tariff Revenue Surge
U.S. Budget Deficit Widens to $291 Billion in July Amid Tariff Revenue Surge
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BTCCSquare news:
The U.S. government's budget deficit expanded by nearly 20% in July, reaching $291 billion despite a $21 billion increase in customs duty collections from tariffs imposed by the TRUMP administration. Treasury data reveals receipts grew modestly by 2% to $338 billion, while outlays surged 10% to a record $630 billion for the month.
Adjusting for fewer business days this July, the deficit WOULD have been approximately $271 billion—highlighting the structural gap between spending and revenue. Tariff revenues jumped to $27.7 billion from $7.1 billion year-over-year, though economists note these costs are ultimately borne by importers and consumers through higher prices for goods like furniture and auto parts.
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