MAGA analysts flag massive July deficit as Trump budget spirals

On Wednesday, conservative analysts drew attention to a record July deficit, with $334 billion in revenue against $766 billion in expenditures, resulting in a $432 billion gap. E.J. Antoni of the Heritage Foundation pointed out that 56 cents of each dollar spent was financed through borrowing and that the cumulative deficit for the first ten months now surpasses the entire previous fiscal year’s shortfall.

Bloomberg attributed the widening gap to a surge in federal spending, citing unprecedented Medicare outlays and a $33 billion loss from tariff refunds. The administration’s One Big Beautiful Bill Act is projected to add trillions to the deficit over a decade, while the war with Iran has already cost roughly $37.5 billion, with additional requests pending. Broader analyses suggest the total taxpayer burden could reach $150 billion when factoring in energy prices, inflation and borrowing costs.