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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)

An example of using the noun, deficit, is: "an annual operating deficit."

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.