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

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.