Deficit vs. Debt

Deficitnoun

Deficiency in amount or quality; a falling short; lack.

Deficitnoun

A situation wherein, or amount whereby, spending exceeds government revenue.

Deficitnoun

Deficiency in amount or quality; a falling short; lack; as, a deficit in taxes, revenue, etc.

Deficitnoun

the property of being an amount by which something is less than expected or required

Deficitnoun

an excess of liabilities over assets (usually over a certain period)

Debtnoun

An action, state of mind, or object one has an obligation to perform for another, adopt toward another, or give to another.

Debtnoun

The state or condition of owing something to another.

Debtnoun

Money that one person or entity owes or is required to pay to another, generally as a result of a loan or other financial transaction.

Debtnoun

(legal) An action at law to recover a certain specified sum of money alleged to be due.

Debtnoun

That which is due from one person to another, whether money, goods, or services; that which one person is bound to pay to another, or to perform for his benefit; thing owed; obligation; liability.

Debtnoun

A duty neglected or violated; a fault; a sin; a trespass.

Debtnoun

An action at law to recover a certain specified sum of money alleged to be due.

Debtnoun

the state of owing something (especially money);

Debtnoun

money or goods or services owed by one person to another

Debtnoun

an obligation to pay or do something

Debt

Debt is an obligation that requires one party, the debtor, to pay money or other agreed-upon value to another party, the creditor. Debt is a deferred payment, or series of payments, which differentiates it from an immediate purchase.