The US government posted a $291 billion budget deficit in July 2025, despite a $21 billion boost in customs duty collections from higher tariffs under President Trump, as spending outpaced revenues. The shortfall was $47 billion larger than a year earlier, with receipts rising 2% to $338 billion and outlays jumping 10% to a record $630 billion for the month. According to the Treasury, fewer business days in July reduced receipts by about $20 billion; adjusting for this would put the deficit at roughly $271 billion. Gross customs receipts soared to about $28 billion from $8 billion a year earlier due to the higher tariffs. Over the first 10 months of the fiscal year, the deficit reached $1.629 trillion, up 7% from the same period last year. Receipts climbed 6% to a record $4.347 trillion, while outlays increased 7% to $5.975 trillion, also a 10-month record.