Hello everybody and thank you for tuning in to the Liberty Report.

With us today we have Chris Rosini, our co-hosts.

Chris, welcome to the program.

Great to be with you, Dr. Paul.

Good. I have a job for you today. You're going to

explain to our audience what went wrong. The budget is not balanced. We're going to talk a little

bit about that and find out just where the mistake was because it's seven months. Not that you

can't expect in seven months for the new administration to do much,

but they've done us a lot. Actually, the deficit's gone up. Not a nickel really cut for the

budget. So that's a problem, and there's some statistics now and some headlines that came out.

Here's one from yesterday, Receipts and outlays

notch record over the 10th month period. So that's a little bit more than the

seventh month, but it's mostly during that seven months. The deficit grows to

$291 billion in July despite a surge in tariff revenue. Chris, you know, we've

talked about the tariff and the more

I look at that, the sillier it gets because they should never call a tariff that most people

think we're going to, you know, charge China and they're going to pay this tariff and that's

going to lower our deficit. The bill, the tariff has to be paid by the American consumer by taxing the companies

that import good.

So the tariff is placed on our companies and then that prices go up and our people suffer.

And I don't think you could take that tariff money and think it's automatically

going to lower the deficit. And that's, that was one of our concerns about it, you know,

...