Budget deficit

amount by which spending exceeds income (resulting in a negative balance)

A budget deficit occurs when an entity (often a government) spends more money than it takes in. The opposite is a budget surplus.An accumulated deficit over several years (or centuries) is referred to as the government debt. Often, a certain part of spending is dedicated to paying of debt with certain maturity, which can be refinanced by issuing new government bonds. That is, a fiscal deficit leads to an increase in an entity's debt to others. A deficit is a flow. And a debt is a stock. Debt is essentially an accumulated flow of deficits.
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Noun
1. an excess of expenditures over revenues
(hypernym) deficit
(hyponym) federal deficit

The amount by which government spending exceeds government revenues.

The amount by which total government spending is more than government income during a specified period; the amount of money which the government has to raise by borrowing or currency emission in order to make up for the shortfall in tax revenues. [See also: budget, budget surplus, national debt, fiscal policy]