What is Fiscal Deficit?
1.
the gap between revenues and expenditures for a government (over a given period of time); often referred to as an
The public deficit accumulates over each time period (usually a year) into what is known as the public debt.
According to
In the USA, most states are not allowed to run fiscal deficits. In other federal republics, such as India and Argentina, they are allowed and frequently account for much of those countries' internal deficits.
See