U.S. Budget Deficit Hits July Record as Tariff Refunds Cut Revenues
The U.S. federal government's budget deficit reached $432.3 billion in July, a record for that month, according to the Treasury Department. Outlays increased, while customs revenues were pushed into negative territory for the third consecutive month due to tariff refunds. This fiscal strain highlights ongoing challenges in federal budgeting amid trade policy adjustments.
Key facts
- Deficit: $432.3 billion in July
- Record for July
- Tariff refunds caused negative customs revenues for third month
- Treasury Department reported on Wednesday
- Outlays climbed
Entities
Institutions
- U.S. Treasury Department
Locations
- United States
Sources
- Quartz —