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US budget deficit soars to its highest level since March 2021; tariff refunds accounting for a fair portion of the increase. {CNBC 12 August}
FTA: The July shortfall totaled $432.3 billion, up some 48% from the same period a year ago and the largest monthly deficit since March 2021.
Medicare expenses for the month totaled $174 billion, up from $103 billion in June and now at $955 billion for the full year. It was the single largest expenditure in July, well ahead of the $141 billion spent on Social Security and $104 billion in net interest on the national debt.
Tariff refunds also hit the budget, costing $33 billion as the administration continues to provide rebates for levies that the Supreme Court ruled illegal. Additionally, the budget took a $99 billion hit because the first of the month was a nonbusiness day, accelerating various benefits outlays as well as Supplemental Security Income and Medicare payments.
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