Deficiency in amount or quality; a falling short; lack. / A situation wherein, or amount whereby, spending exceeds (e.g. government) revenue.

plural of deficit

(economics) A negative balance of trade.

the difference between the oxygen uptake of the body at rest and during exercise

(economics) The spending by a government in excess of government revenue, intended to boost the economy.

plural of trade deficit

plural of deficit hawk

(politics, slang, sometimes derogatory) A person, especially one in power, who emphasizes keeping government budgets under control, derogatory when such actions are seen as predatory or entail harsh fiscal discipline or austerity.

(politics) A situation when ostensibly democratic organizations or institutions (particularly governments) are seen to be falling short of fulfilling the principles of the parliamentary democracy in their practices or operation where representative and linked parliamentary integrity becomes widely discussed.

(economics) That portion of the public sector deficit which exists even when the economy is at potential. Government spending beyond government revenues at times of normal, predictable economic activity, as opposed to a cyclical deficit.