8:45 AM PT -- Wait, seems Alles is backtracking ... or clarifying (depending on how ya look at it). 

"The Secret Service has the funding it needs to meet all current mission requirements for the remainder of the fiscal year and compensate employees for overtime within statutory pay caps," Alles said in a new statement. 

"The Secret Service estimates that roughly 1,100 employees will work overtime hours in excess of statutory pay caps during calendar year 2017.

"Our agency experienced a similar situation in calendar year 2016 that resulted in legislation that allowed Secret Service employees to exceed statutory caps on pay."

"To remedy this ongoing and serious problem, the agency has worked closely with the Dept. of Homeland Security, the Administration, and the Congress over the past several months to find a legislative solution."

"As we work to ensure that employees are compensated for the hours they work, the Secret Service continues its rigorous hiring of special agents, Uniformed Division officers, and critical support staff to meet future mission requirements."

"The issue is not one that can be attributed to the current Administration's protection requirements, but rather has been an ongoing issue for nearly a decade due to an overall increase in operational tempo."

President Trump's breaking the Secret Service's bank because he's too damn expensive to protect, this according to the guy who RUNS the agency.

Secret Service Director Randolph "Tex" Alles told USA Today the agency can no longer pay hundreds of agents tasked with protecting POTUS and his family because they've already hit federally mandated caps for salary and overtime. 

Alles says the budget for agents is supposed to last the entire year -- but more than 1,000 agents have already hit their ceiling. 

He chalks up the surge in hours to Trump's large family and travel schedule. 

Alles says the Secret Service must protect 42 people under Trump -- 11 more than the 31 who got protection under Obama

"The president has a large family and our responsibility is required in law," Alles says ... "I can't change that. I have no flexibility."

Alles says the workload has also increased with Trump traveling to his properties in FL, NJ and VA almost every weekend.

The Prez has reportedly made so many visits to his golf properties the Secret Service has spent $60k in golf cart rentals alone. It costs at least $3 mil each time Trump visits Mar-a-Lago.

Alles says the situation is so dire, some agents have started to leave -- and he's lobbying to Congress to raise the combined salary and overtime from $160k to $187k. 

We reached out to the White House for comment. So far, no word back.