federal deficit
Noun: 1. An excess of the federal government's spending over its revenue: This term specifically refers to the annual shortfall that occurs when the U.S. federal government's expenditures exceed its income (primarily from taxes). It represents the amount of money the government must borrow to finance its operations for that year.
The term "federal deficit" is used to discuss fiscal policy, government budgeting, and economic conditions. It is a key metric in political and economic discourse. - It is typically quantified for a specific fiscal year (e.g., "the federal deficit for 2023"). - It is often discussed in relation to its potential economic impacts, such as inflation or interest rates. - It is distinct from the "national debt," which is the cumulative total of all past deficits minus surpluses.
- Noun:
- The Congressional Budget Office reported a growing federal deficit due to increased healthcare spending.
- Economists warned that a large federal deficit could put upward pressure on interest rates.
- The president proposed a budget aimed at reducing the federal deficit over the next decade.
- "to run a federal deficit": This phrase describes the government's action of spending more than it collects.
- The government has had to run a federal deficit to fund emergency relief programs.
- "to widen/narrow the federal deficit": Describes actions or conditions that increase or decrease the size of the shortfall.
- Tax cuts without corresponding spending cuts will widen the federal deficit.
- Budget deficit (n): A more general term for any government's (federal, state, local) excess of spending over revenue in a given period.
- Fiscal deficit (n): Often used synonymously with "budget deficit," emphasizing the government's overall fiscal position.
- Surplus (n): The opposite condition, where government revenue exceeds its expenditures.
- Shortfall: A general term for a deficit or lack.
- Budget gap: A descriptive synonym for the difference between spending and revenue.
- National Debt: The total accumulated amount of money that the federal government has borrowed to cover its historical deficits.
- Deficit Spending: The policy or practice of a government spending more money than it receives in revenue, financed by borrowing.
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an excess of the federal government's spending over its revenue
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federal deficits can cause inflation
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