One of the causes of the economic troubles was a mushrooming financial crisis that was due in part to years of deficit spending. This occurs when a government spends more money than it can take in. (all information from world history textbook)
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nominal deficit is the deficit determined by looking at the difference between expenditures and receipts.
real deficit: nominal deficit - (inflation x total debt)
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An example of using the noun, deficit, is: "an annual operating
deficit."
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fiscal deficit: not enough money budget deficit: not as much
money as you had planned to have in your budget revenue deficit:
not enough money coming in trade deficit: you are spending more
money on imports than the amount of money which you receive for
your exports.