US deficit hits $432 billion in July
The US government deficit in July was $432 billion, exceeding the consensus estimate of $346 billion.
The main driver of the deficit was government spending, which reached a record $766 billion for the month.
The US deficit for the fiscal year so far is $1.799 trillion, up from $1.629 trillion a year earlier.
The high deficit has led to increased borrowing costs, with the 10-year note yield at its highest since the financial crisis.