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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 deficit came in at 4.8% of GDP worth $283.9 billion compared to the target of 4% for FY19.
The budget deficit skyrocketed 39 percent for the fiscal year compared to the same period year-on-year.
These deficits were partially offset by smaller deficits in the United Kingdom supported by further sterling depreciation and in some large commodity-exporting economies, thanks to strengthening commodity prices.
Thus, when push comes to shove, their political survival instinct kicks in and enough Republicans will cave to public pressure and give the voters what they want--more spending and the large deficits that go with it.
And the budget deficit is only set to get worse, with health boards potentially facing a PS175m "black hole" by the end of 2017-18.
The excessive deficit procedure for Bulgaria was opened in July 2010, when the Council also adopted a recommendation, under article 126(7) of the Treaty, on corrective measures to be taken.
BEIRUT: Central Bank figures said that Lebanon's balance of payments posted a deficit of $289.8 million in January 2012, compared to a deficit of $772.1 million in the same month last year and a surplus of $691.5 million in December 2011.
"Macedonia's deficit last year was 2.77 percent of GDP and that was the second lowest budget deficit in Europe.
Pakistan has been facing a major problem of high trade deficit for several years.
In other words, if the spending that creates deficits supports your party's programs, fiscal irresponsibility doesn't matter.
Warning about the twin deficits and the Baby Boomers reaching retirement age, Peterson predicted a bleak economic future for this country.