🚨🚨🚨BREAKING🚨🚨🚨
The United States racked up $432 billion in debt in a single month—at a rate of $14 billion per day—thus recording the largest deficit for a July month on record.
According to data from the Treasury Department, the July deficit was the largest recorded for any month since spending on COVID relief in March 2021.
Where the funds went:
- Medicare accounted for the biggest spending, with $174 billion (up from $103 billion in June).
- Social Security involved spending of $141 billion.
- Interest on the national debt absorbed $104 billion in a single month.
- Refunds of tariffs cost $33 billion after the Supreme Court overturned the levies imposed by Trump, leading to negative figures in customs revenue.
The biggest problem:
The cumulative deficit over ten months stands at $1.8 trillion, already surpassing the total figure for the previous fiscal year even though two months remain before it ends.
The Congressional Budget Office (CBO) now expects the annual deficit to reach $2.1 trillion; just the Supreme Court ruling on tariffs removed $250 billion from the projected revenues.
Interest payments have become the third-largest spending item in the United States—behind only Social Security and Medicare—while total debt is nearing $39.9 trillion.
The United States racked up $432 billion in debt in a single month—at a rate of $14 billion per day—thus recording the largest deficit for a July month on record.
According to data from the Treasury Department, the July deficit was the largest recorded for any month since spending on COVID relief in March 2021.
Where the funds went:
- Medicare accounted for the biggest spending, with $174 billion (up from $103 billion in June).
- Social Security involved spending of $141 billion.
- Interest on the national debt absorbed $104 billion in a single month.
- Refunds of tariffs cost $33 billion after the Supreme Court overturned the levies imposed by Trump, leading to negative figures in customs revenue.
The biggest problem:
The cumulative deficit over ten months stands at $1.8 trillion, already surpassing the total figure for the previous fiscal year even though two months remain before it ends.
The Congressional Budget Office (CBO) now expects the annual deficit to reach $2.1 trillion; just the Supreme Court ruling on tariffs removed $250 billion from the projected revenues.
Interest payments have become the third-largest spending item in the United States—behind only Social Security and Medicare—while total debt is nearing $39.9 trillion.