The U.S. budget deficit in July increased by 20 percent in the current fiscal year compared to last year.
According to the data, customs revenues jumped by 273 percent, or the equivalent of $21 billion, in July compared to the same period last year.
The overall increase in spending is attributed to a mix of expenditures, including higher interest payments on public debt, increased Social Security allocations to keep pace with the cost of living, as well as other expenses. This comes as the total U.S. public debt nears the $37 trillion mark.
Source (Al Arabiya.Net Website, Edited)
