national deficit
Country's budget gap
A national deficit is the amount by which a government's spending exceeds its revenue in a given period, typically a fiscal year.
When a government collects less in taxes than it spends on programs and services, it runs a deficit and must borrow to cover the shortfall.
Successive deficits accumulate into the national debt.
The national deficit reached record levels during the pandemic.
- tax revenueGovernment's collected funds
- debt-to-GDP ratioBorrowing measured against economic output
- sovereign debtMoney governments owe creditors
- treasury bondsGovernment-issued debt securities
- bond marketVenue for debt securities
borrowing costs · fiscal stimulus · inflation rate · kick the can · government expenditure · spending cuts · austerity measures · unemployment rate · tax hikes · federal budget · economic inequality · economic stagnation · trade balance · currency devaluation · interest rates · election campaigns · capital flight · debt ceiling
national deficitbudget surplus
Revenue exceeding outlays
fiscal surplus · government surplus · trade surplus · surplus · balanced budget
national deficitbudget surplus
Revenue exceeding outlays
debt reduction · debt repayment · fiscal health · black ink · fiscal responsibility
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