The U.S. federal government posted a budget deficit of $432.3 billion in July, a record for that month, as outlays climbed and tariff refunds pushed customs revenues into negative territory for the third consecutive month, the Treasury Department said Wednesday. The cumulative deficit for the first 10 months of fiscal 2026 reached $1.799 trillion, exceeding the full fiscal 2025 shortfall of $1.775 trillion with two months remaining in the current fiscal year.