budget deficit

US /ˈbʌdʒɪt ˈdɛfɪsɪt/
UK /ˈbʌdʒɪt ˈdɛfɪsɪt/
"budget deficit" picture
1.

the amount by which a government's spending exceeds its revenue over a particular period, typically a fiscal year

:
The country is facing a significant budget deficit this year.
Reducing the budget deficit is a top priority for the new administration.