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Deficit

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.

CROSS-REFERENCES

Federal Budget.

Additional topics

Law Library - American Law and Legal InformationFree Legal Encyclopedia: Deed of covenant to Direct Tax