A Budget Deficit Occurs When Expenditures Exceed
Abudget surplus. Debt is essentially an accumulated flow of deficits. In other words, a deficit is a flow, and debt is a stock. a budget deficit occurs when expenditures exceed The primary deficit is defined as the difference between current government spending and total current revenue from all types of taxes. The total deficit (which is often just called the ‘deficit’) is spending, plus interest payments on the debt, minus tax revenues