Definitions for: Deficit

[n] the property of being an amount by which something is less than expected or required
[n] an excess of liabilities over assets (usually over a certain period)

Webster (1913) Definition: Def"i*cit, n. [Lit., it is wanting, 3d person pres.
indic. of L. deficere, cf. F. d['e]ficit. See Defect.]
Deficiency in amount or quality; a falling short; lack; as, a
deficit in taxes, revenue, etc. --Addison.

Synonyms: shortage, shortfall

See Also: budget deficit, deficiency, inadequacy, insufficiency, liabilities, oxygen deficit, trade deficit

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