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Budget deficit

   Also found in: Dictionary/thesaurus, Medical, Legal, Acronyms, Wikipedia, Hutchinson 0.04 sec.
Budget deficit
The amount by which government spending exceeds government revenues.

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At its current rate of growth, the federal budget deficit could top $46 trillion (adjusted for inflation) by the time baby boomers start retiring.
Bush's main talking point on the budget is that he "cut the federal budget deficit in half"--that would be from 2004, the year the White House inflated the projected deficit for 2006.
Douglas Holtz-Eakin, the former director of the Congressional Budget Office who also served as a White House economist under President Bush, sees little reason to cheer in the face of an estimated budget deficit for the current fiscal year that is forecast to be lower than previously thought but will still approach $300 billion.
 
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