U.S. July Budget Gap Widens to $291 Billion

The U.S. Treasury Department reported a $291.1 billion federal budget deficit for July, far wider than the $239.2 billion shortfall economists had projected. The figure swings the government’s finances back into the red after a $27 billion surplus in June. Revenue from customs duties rose to a record $28 billion, helped by the 145% tariff on Chinese imports that took effect earlier this year, but the increase was insufficient to offset higher outlays. Detailed spending figures will be released later in the Monthly Treasury Statement.