The U.S. government deficit grew by 19% year-over-year in July, despite $28 billion in tariff revenue compared to $8 billion a year ago. July’s deficit rose on an annual basis by 19%, or $47 billion, to $291 billion, above the estimate for a $215 billion deficit. Receipts increased by 2% to $338 billion while outlays increased by 10% to $630 billion, a record high for July.
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This year’s July had fewer business days than July 2024, and the Treasury noted that adjusting for that difference would add roughly $20 billion to receipts, bringing the deficit to about $271 billion.
Receipts and Outlays Notch Record over 10-Month Period
The deficit for the first 10 months of the fiscal year now totals $1.629 trillion, up by 7%, or $112 billion, year-over-year. Both receipts and outlays secured record highs for the 10-month period, amounting to $4.347 trillion and $5.975 trillion, respectively.
“Trillions of Dollars are being taken in on Tariffs, which has been incredible for our Country, its Stock Market, its General Wealth, and just about everything else,” Trump said in a Truth Social post on Tuesday.
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