WASHINGTON -- The U.S. budget deficit in July climbed 20% this fiscal year compared to the last despite the U.S. taking in record income from President Donald Trump’s tariffs, according to Treasury Department data released Tuesday.

Despite grandiose claims about his tariffs bringing in billions in revenue, President Donald Trump cannot seem to help the escalating budget deficit

Higher borrowing costs are driving up an estimate of the impact to the U.S. budget deficit from President Donald Trump’s sprawling budget law, according to an analysis from the Congressional Budget Office.