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(Government, Politics & Diplomacy) the amount by which government expenditure exceeds income from taxation, customs duties, etc, in any one fiscal year
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|Noun||1.||budget deficit - an excess of expenditures over revenues|
deficit - an excess of liabilities over assets (usually over a certain period); "last year there was a serious budgetary deficit"
federal deficit - an excess of the federal government's spending over its revenue; "federal deficits can cause inflation"