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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 ?
Structural reforms (regarding the pension system, healthcare expenditure and local authorities) seem necessary, as the French primary budgetary deficit was still 2% of GDP in 2013.
Edward Parker from Fitch does not believe that Estonia could keep the budgetary deficit below 3 percent of GDP this year.
Comments on "Options for Financing the Budgetary Deficit, Money Supply, and Growth of the Banking Sector"
He observed that government while ignoring the warning committed blunders therefore, the inflated budgetary statistics and cosmetic approach resulted into Rs 60 billion budgetary deficit.
Could it endanger the projected budgetary deficit of 2.5 percent?
If Macedonia was in the EU, according to the EU rules, Macedonia's general budgetary deficit should be at a level of 2 percent, increased by another 2 % on the basis of made but not unsettled debts.
As part of the so-called Maastricht criterion, which sets the benchmark requirements for entrance to the euro zone, Estonia must adhere to a maximum budgetary deficit of 3 percent.
The UK's budgetary deficit in 2007 rose to 2.8 per cent of gross domestic product from 2.5 per cent in 2006, data from the Office for National Statistics showed.
Either (a) that the UK had better lose its independence a bit sharpish because of its huge budgetary deficit, and join up with Luxembourg, Finland and some oil-rich sheikhdom like Brunei in order to keep the economists happy,
The budgetary deficit for the year as a whole is expected to be Rs.
Coupled with a chronic budgetary deficit crisis, the mammoth current account deficit was serious enough to expose the government to the risk of default on its foreign payments.