US Deficit Explodes In July Despite Jump In Tariff Revenue As Government Spending Soars

We used to dread covering the monthly update of US government income and spending because, without fail, it would show that the USS Titanic was getting that much closer to the inevitable iceberg. A few months ago, there was a glimmer of hope when the US found a new revenue stream in the form of tariffs and excise taxes, which helped boost government revenue notably. Alas, in the grand scheme of things, this bounce in revenue proved to be too little... and some would say too late.