U.S. Deficit Widens to $291B Despite Tariff Surge
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The U.S. federal deficit ballooned to $291 billion in July, marking a 19% increase from the same period last year. A $47 billion spike was driven by runaway spending, which climbed 10% to a record $630 billion, while revenues grew just 2% to $338 billion. Treasury officials attributed part of the shortfall to fewer business days, suggesting an adjusted deficit of $271 billion—still a glaring imbalance.
Tariff revenues, a centerpiece of Trump’s trade policy, soared 290% year-over-year to $27.7 billion. Yet this windfall barely dented the deficit, as importers passed costs to consumers. Inflationary pressures loom, though the report’s abrupt cutoff leaves the full picture unclear.
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