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It's not the sameA deficit is simply the result of negative cash flow. For example, if your costs are higher than your revenues, you will generate a loss in your Profit & Loss Statement and a Deficit in your Cash Flow Statement. This does not necessarily constitute a debt.

A debt is a legally binding obligation to pay or repay a financial obligation that is based upon a contract (orally or in writing).

There can be shades of gray, but a deficit and debt is usually not the same.

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