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A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite of a budget deficit is a budget surplus. Debt is essentially an accumulated flow of deficits. In other words, a deficit is a flow and debt is a stock.

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Wikipedia About Deficit

A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite of a budget deficit is a budget surplus. Debt is essentially an accumulated flow of deficits. In other words, a deficit is a flow and debt is a stock.

An accumulated deficit over several years (or centuries) is referred to as the government debt. Government debt is usually financed by borrowing, although if a government's debt is denominated in its own currency it can print new currency to pay debts. Monetizing debts, however, can cause rapid inflation if done on a large scale. Governments can also sell assets to pay off debt. Most governments finance their debts by issuing long-term government bonds or shorter term notes and bills. Many governments use auctions to sell government bonds.

Governments usually must pay interest on what they have borrowed. Governments reduce debt when their revenues exceed their current expenditures and interest costs. Otherwise, government debt increases, requiring the issue of new government bonds or other means of financing debt, such as asset sales.

According to Keynesian economic theories, running a fiscal deficit and increasing government debt can stimulate economic activity when a country's output (GDP) is below its potential output. When an economy is running near or at its potential level of output, fiscal deficits can cause inflation.

Primary deficit, total deficit, and debt

Main: Primary deficit

The government's deficit can be measured with or without including the interest it pays on its debt. The primary deficit is defined as the difference between current government spending and total current revenue from all types of taxes. The total deficit (which is often just called the 'deficit') is spending, plus interest payments on the debt, minus tax revenues.

Therefore, if G_t is government spending and T_t is tax revenue, then

Primary deficit = G_t - T_t

If D_{t-1} is last year's debt, and r is the interest rate, then

Total deficit = G_t + r D_{t-1} - T_t

Finally, this year's debt can be calculated from last year's debt and this year's total deficit:

{D_t} = (1+r)D_{t-1} + G_t - T_t

Economic trends can influence the growth or shrinkage of fiscal deficits in several ways. Increased levels of economic activity generally lead to higher tax revenues, while government expenditures often increase during economic downturns because of higher outlays for social insurance programs such as unemployment benefits. Changes in tax rates, tax enforcement policies, levels of social benefits, and other government policy decisions can also have major effects on public debt. For some countries, such as Norway, Russia, and members of the Organization of Petroleum Exporting Countries (OPEC), oil and gas receipts play a major role in public finances.

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deficit Definition

... deficit or... this HTML in your website to link to this page deficit. Related terms: ... 'deficit' appears in the definitions of these other terms on ...www.investorwords.com/1371/deficit.html

Swelling Deficits: Increased Spending is not the Principal Culprit, 10 ...

... closed the books on fiscal year 2003 and reported a deficit of $374 billion. ... of Gross Domestic Product, the deficit is high by historical standards, high ...www.cbpp.org/10-27-03bud.htm

deficit: Definition from Answers.com

Deficit A situation in which liabilities exceed assets, expenditures exceed income, imports exceed exports, or losses exceed profits ... Business Dictionary: Deficit ...www.answers.com/topic/deficit-2

deficit - Definition from the Merriam-Webster Online Dictionary

Definition of deficit from the Merriam-Webster Online Dictionary with audio pronunciations, thesaurus, Word of the Day, and word games.www.merriam-webster.com/dictionary/deficit

3. Federal Deficit Reality

Beyond the $3.7 trillion deficit in 2003, however, the numbers get even worse, ... Results for the official 2004 deficit will be published in the next several ...www.shadowstats.com/article/55

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News about Deficit

Trade deficit hazards prove big headache

Vietnam NetVietNamNet Bridge - Despite analysts claiming Vietnam is on the right track to lessen its trade deficit, an export slowdown and rising imports are looming as dangers.http://english.vietnamnet.vn/reports/2008/09/803543/

Indy erases 15-0 deficit, tips Vikings

San Francisco ChronicleThe Indianapolis Colts were overwhelmed at the line of scrimmage again, and the swarming Minnesota defense frequently pounded Peyton Manning into the Metrodome turf. But with the Colts down 15-0 late in the third quarter, Manning got going, passing for 311... http://www.sfgate.com/cgi-bin/article.cgi?f=/c/a/2008/09/15/...

Booker T. recovers from 25-point deficit to beat Miami Central

Miami HeraldBooker T. Washington's five-year winning streak against Dade County opponents survived another week. The Tornadoes overcame a 25-point deficit to defeat Miami Central 44-39 on Friday night at Traz Powell Stadium.http://www.miamiherald.com/sports/high-schools/story/684886....

School District's Budget Deficit Grows 'Sizably'

The MissourianThe Washington School District's budget deficit has grown 'sizably' since the new spending plan for 2008-09 was approved this summer.http://www.emissourian.com/site/news.cfm?newsid=20119170&BRD...

LIONS NOTEBOOK: Just like in Week 1, Lions fall into early 21-0 deficit

Detroit Free PressTwo games, two 21-0 deficits. "We've got to fight," defensive tackle Shaun Cody said Sunday, after the Lions' 48-25 loss to Green Bay at Ford Field. "We come out lackluster. It seems like we were almost -- I don't know -- dead out there. We get stung, we get hit in the face and it's like, 'Hello.' ...http://www.freep.com/apps/pbcs.dll/article?AID=/20080915/SPO...

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Mexican Homex owners sell stock to make margin call

ForbesHomex and its competitors have seen explosive growth in the past few years, filling a sizable housing deficit in Mexico by mass-producing houses that sell for less than $40,000. In recent months, housing companies' shares have lost some of their ... http://www.forbes.com/reuters/feeds/reuters/2008/10/14/2008-...

Times a'changing: package could produce a deficit

The AustralianKEVIN Rudd has emerged as Action Man amid the credit crisis, with yesterday's $10 billion recovery package described by NAB's Jeff Oughton as "timely, targeted and sizeable". The package could boost the economy by as much as 0.6 per cent, according ... http://www.theaustralian.news.com.au/story/0,25197,24497978-...

Why Obamanomics Isn't Clintonomics

US News and World ReportNow I have talked to Obama economic advisers and they are signaling no intention to scrap his investment and tax agenda in order to focus on the budget deficit, $700 billion Paulson Plan or not. Obama himself is still talking it up in the debates ... http://www.usnews.com/blogs/capital-commerce/2008/10/14/why-...

Process to add elected executive in Macomb county to cost $1.1 million

Detroit Free Press ... members, while Macomb is expected to have four or five. Still, commissioners need to offset the $1.1 million cost by Dec. 31 when they must approve a balanced budget for next year. Commissioners are still grappling with a record $33 million deficit ... http://www.freep.com/article/20081014/NEWS04/81014043

Federal Deficit Hits Record $438 Billion, Budget Office Says

FOX NewsWASHINGTON — The federal budget deficit hit a new record in the just-completed 2008 budget year under the latest estimates from the Congressional Budget Office. The record $438 billion for the budget year that ended last week is up from $162 ... http://www.foxnews.com/story/0,2933,434124,00.html

Search results for Deficit

C.H.A.D.D - Children and Adults with Attention Deficit Disorders

A national non-profit organization working to improve the lives of affected people through education, advocacy and support.http://www.chadd.org/

attention deficit hyperactivity disorder definition |Dictionary.com ...

Attention Deficit Child DC area's child psychiatry leader has answers for your questions. PediaPsych.comhttp://dictionary.reference.com/search?q=attention%20deficit...

deficit Definition

deficit - definition of deficit - The amount by which a government, company, or individual\'s spending exceeds its income over a particular period of time. also called deficit or..http://www.investorwords.com/1371/deficit.html

U.S. Trade Deficit Declined In 2007, After Five Consecutive Record ...

Despite a soaring foreign oil bill and another record deficit with China, the overall U.S. trade deficit declined in 2007 after setting records for five consecutive years.http://www.cbsnews.com/stories/2008/02/14/business/main38302...

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Next President To Face $482 Billion Budget DeficitThat's billions...with a B. Why would anyone want the job of president in 2009? Dave Bryan reports.Windows Media - Video

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U.K. Trade Deficit NarrowsThe U.K.'s August trade deficit narrowed as expected in August as the value of exports rose, official statistics showed on Tuesday. CNBC's Louisa Bojesen speaks to Sarah Hewin,...Windows Media - Video

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Time for a Fiscal Stabilization Boa...

Time for a Fiscal Stabilization Board to Deal with the Deficit...Time for a Fiscal Stabilization Board to Deal with the Deficit? Brad DeLong 6 min 21 sec - May 13, 2006 Brad DeLong's Morning Coffee. Technocrats--the Federal Reserve--handle our monetary policy. Sh...flash: 0 MB w:320px - h:240px

Answers for Deficit

Maria GWhat are the costs of an externally financed deficit and when do the costs occur?Maria GThe costs occur every day in terms of interest. The risks are we give up US assets to foreign entities and foreign countries. Note: The FED has about 1/2 of their balance sheet holding these bad mo...obelixWhat percentage of total international debt does the US deficit constitute?obelixYour mixing apples and oranges. You mixed debt with deficit, they are two separate things. The current US debt is around 8.8 billion, 2.4 trillion owed to foreign nations, banks or individu...TigerWhat is an accumulated deficit on a company's financial statements?Tigerit's a carryover deficit from a previous quarter. it could be insufficient revenues, negative working capital, or a deficit in stockholder's equity. if it continues very long, it raises serious ...- Ryan -        myspace/RyanReedWhy does California have a 14 billion deficit if california alone is the 6th largest economy in the world?- Ryan - myspace/RyanReedhaving a large economy does not mean necessarily that you have lots of money. The economy is more than just finances -- it includes productivity and natural resources and technologies and all that fu...RaulWhat can be done about our national deficit?RaulI was watching a program about a group called blue dogs in Congress. The house put forth a statue that requires all bills passed need to say how it will be funded not by deficit spending. It was ori...
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