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A deficiency, misappropriation, or defalcation; a minus balance; something wanting.

Deficit is commonly used to mean any kind of shortage, as in an account, a number, or a balance due. Deficit spending or financing involves taking in less money than the amount that is paid out.


Federal Budget.

West's Encyclopedia of American Law, edition 2. Copyright 2008 The Gale Group, Inc. All rights reserved.


n. a shortage, less than is due, or in the case of a business or government budget, more expenditures than income. Unbalanced budgets with a planned year-end deficit are prohibited at every level of government except the federal.

Copyright © 1981-2005 by Gerald N. Hill and Kathleen T. Hill. All Right reserved.

DEFICIT. This Latin term signifies that something is wanting. It is used to express the deficiency which is discovered in the accounts of an accountant, or in the money in which he has received.

A Law Dictionary, Adapted to the Constitution and Laws of the United States. By John Bouvier. Published 1856.
References in periodicals archive ?
The budget deficit as of end-February amounted to P51.5 billion, 140-percent wider than the P21.5 billion last year.
The non-partisan Congressional Budget Office (CBO) forecasts a budget deficit of $1.17 trillion for the entire 2012 fiscal year, which started October 1.
The expected budget deficit for the current fiscal year will represent 10.0 percent of U.S.
The impact of budget cuts on the trade deficit is difficult to measure precisely--studies find that every $100 in budget deficit reduction yields from $20 to $50 in trade deficit reduction.
"Searching for Threshold Effects in the Evolution of Budget Deficits: An Application to the Spanish Case," Economics Letters, 82, 2, 2004, pp.
Based upon Hoeischer [10; 11], as well as the standard loanable funds model, it is argued that R is an increasing function of both expected inflation and the real budget deficit. Based upon various arguments in Hoelscher [11], it is also expected that R is an increasing function of ERSR, whereas the impact of Y on R is a priori unknown.
depends on Japan to finance our budget deficit. With today's computer graphics, the creative possibilities are endless.
This country has never seen a tax increase result in a reduced budget deficit. Accordingly, the country should be skeptical of tax increases.
By yearend, the budget deficit was programmed to hit P523.6 billion, Diokno said.
For Germany, the fact that the ECOFIN suspended in late 2003 the limits on budget deficits contained in the Maastricht Treaty is a very positive development.
This note examines Granger causality between budget deficits and interest rates in a multivariate framework by applying Hsiao's version [Hsiao, JME, January 1981] of the Granger causality method with the aid of cointegration to U.S.
One of the most important of these problems is the prospect for federal budget deficits to begin rising once again as we move into the next century.