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A budgetary situation when the expenses incurred by the government are over and above the tax revenues taken in. Also called Federal Debt.
What Is the Federal Budget Deficit? The deficit is the annual difference between government spending and government revenue. Every year, the government takes in revenue in the form of taxes and other income, and spends money on various programs, such as national defense, Social Security, and healthcare. If the government spends more than it takes in, then it runs a deficit. If the government takes in more than it spends, it runs a surplus.