The amount by which government spending exceeds government revenues. Bloomberg Financial Dictionary
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The amount by which spending exceeds revenues. It usually refers to government spending and revenues.
► See also Budget.
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budget deficit UK US noun [C] ECONOMICS, FINANCE
► the amount of extra money that a government needs because it has spent more money than it earned: »
The White House says the federal government will run a $9 trillion budget deficit over the next decade.
Financial and business terms. 2012.