CNBC's Megan Cassella reports on news regarding the U.S. Treasury reporting the U.S. government reporting a $291 billion deficit last month.

Washington

The U.S. Treasury recorded a $291 billion deficit for July, significantly higher than the $183 billion deficit anticipated by economists. This figure also exceeds the $244 billion deficit reported in the same month the previous year. The larger deficit was attributed to a 10% increase in government spending, which reached a record level for July.

Customs revenue, which includes tariffs, totaled $28 billion for the month. While this revenue has grown as new tariffs have taken effect, the total for the calendar year stands at $115 billion—well below the amounts previously suggested by the administration. The fiscal year-to-date deficit is $1.6 trillion, only slightly higher than the same period last year.

U.S. reports $291B deficit for July

Brian that's right. This report always is our best look at the tariff revenue, but first top line here It was a big deficit month for the US Treasury the government ran a 291 billion dollar deficit in July that compares with about a hundred and eighty three billion dollar deficit that was expected among economists Surveyed by Dow Jones now July is almost always a deficit month There aren't any big tax due dates for either corporations or individuals, but that is still a big miss there compared to expectations It's also significantly worse than last July when the deficit was 244 billion dollars now these bigger deficits being fueled by higher spending that hit an all-time record For the month of July last month spending was up 10% the Treasury said versus the same month last year now fiscal year to date The deficit is at 1.6 trillion dollars only slightly outpacing where it was this time last year And then as you mentioned the other key figure we're looking at here the US took in 28 billion dollars in Customs revenue last month that category does include more than just Trump's tariffs a little bit broader You can of course see here how it's been growing this year as the president's tariffs have kicked into effect But it is still far less than the administration generally says is coming in from the tariffs if you add these numbers together So far this calendar year Treasury's taken in about a hundred and fifteen billion dollars in Customs duties not exactly the trillions of dollars that the president spoke about this morning

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