Tariffs rake in $27.7B, but July spending wipes out the gains and burns $630B in 31 days. The US deficit is on pace to hit $3.5 trillion
US deficit hit $291B in July. That’s a $3.5 trillion yearly pace without a war or a recession. Just “normal” Washington spending. https://www.cbo.gov/system/files/2025-08/61304-MBR.pdf Tariffs brought in $25B. Trump called it “incredible revenue.” The same month, the government spent $630B. That’s pocket change against a tidal wave. https://www.crfb.org/blogs/tariffs-are-generating-meaningful-new-revenue Social Security payouts jumped $108B. Medicare and Medicaid …