Deficit

{
  "id": "MLC-T-LAW-001539",
  "term": "Deficit",
  "field": "Law",
  "definition": "The amount by which a sum of money falls short of a required or expected amount, particularly the excess of government expenditures over revenues in a single fiscal year. This financial shortfall adds to the national debt, which is the cumulative total of all past annual deficits and surpluses. A government finances its deficit by issuing securities such as treasury bonds, bills, and notes to domestic and foreign investors.",
  "url": "https://mlchart.com/terminology/law/deficit/"
}