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

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.

It’s the equivalent of a new payroll tax or a 17% cut in the size of the military, according to a top think tank.