Home  | Term of the Day | |||
| National Deficit The sum of all previously incurred annual federal deficits. The deficit is the difference between what the government takes in (receipts) and the amount of money its spends (outlays). Since the deficits are financed by government borrowing, national debt is equal to all government debt outstanding. | ||||
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| Usage Example The loss of jobs, high foreclosure rates, rising health costs, national disasters such as hurricanes, tornadoes and floods that cause many residents to be homeless, cost of military support in other counties, and Ebola resulted in a higher National Deficit in the United States. | ||||
Term of the Day
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