Budget-deficit meaning

The difference between expenditures and income, when expenditures exceed income. The term is usually used in reference to the deficit of the U.S. government, or another government’s deficit. Federal deficits are funded by issuing government debt, which may take the form of bills, notes, or bonds. Corporations also can have budget deficits; however, steps are quickly taken to reduce the deficit by cutting costs or increasing sales.
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