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Federal deficit

National Debt Glossary: Key terms for understanding America's financial crisis


The amount that the government spends each year in excess of what its tax, tariff and fee revenues bring in. (The government then must borrow to make up the difference.)

SOURCE: Federal Reserve Bank of New York

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FAQ: What's the difference between the debt and the deficit?

 

See all terms in the National Debt Glossary

Frequently Asked Questions: National Debt

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