Under current law, CBO projects, budget deficits will drop markedly over the next few years—to $1.1 trillion in 2012, $704 billion in 2013, and $533 billion in 2014. Relative to the size of the economy, those deficits represent 7.0 percent of GDP in 2012, 4.3 percent in 2013, and 3.1 percent in 2014.
https://www.cbo.gov/publication/21999
The resulting federal budget deficit of nearly $1.5 trillion projected for this year will equal 9.8 percent of GDP, a share that is nearly 1 percentage point higher than the shortfall recorded last year and almost equal to the deficit posted in 2009, which at 10.0 percent of GDP was the highest in nearly 65 years.
https://www.cbo.gov/publication/21999
​Definition: A budget deficit is when spending exceeds income. The term usually applies to governments, although individuals, companies, and other organizations can run deficits. There are immediate penalties for most organizations that run persistent deficits.
https://www.thebalance.com/budget-deficit-definition-and-how-it-affects-the-economy-3305820
For 2011, the Congressional Budget Office (CBO) projects that if current laws remain unchanged, the federal budget will show a deficit of close to $1.5 trillion, or 9.8 percent of GDP. The deficits in CBO’s baseline projections drop markedly over the next few years as a share of output and average 3.1 percent of GDP from 2014 to 2021.
https://www.cbo.gov/publication/21999
When expenditures exceed income, the outcome is a budget deficit, which is funded by borrowing funds and paying interest on the borrowed money, similar to an individual spending more than he earns and carrying a balance on a credit card. A balanced budget exists once expenditures equal income.
http://www.investopedia.com/terms/b/budget-surplus.asp
The U.S. federal budget deficit for fiscal year 2018 is $352 billion. FY 2018 covers October 1, 2017 through September 30, 2018. The deficit occurs because the U.S. government spending of $4.268 trillion is higher than its revenue of $3.916 trillion. (Source: 2018 Budget. Table 2, Office of Management and Budget, March 16, 2017. “Mid-Session Review Fiscal Year 2017.
https://www.thebalance.com/current-u-s-federal-budget-deficit-3305783
The Budget and Economic Outlook: 2016 to 2026 January 25, 2016 CBO estimates that the federal budget deficit in 2016 will be $544 billion, raising debt held by the public to 76 percent of GDP. Solid short-term growth in the economy is projected to be followed by slower growth in subsequent years.
https://www.cbo.gov/topics/budget
Definition of Budget Deficit. A budget deficit occurs when an individual, business or government budgets more spending than there is revenue available to pay for the spending, over a specific period of time. Debt is the aggregate value of deficits accumulated over time. We will be focusing on government deficits in this lesson.
http://study.com/academy/lesson/what-is-a-budget-deficit-definition-causes-history.html
What is a 'Budget Surplus'. A budget surplus is a period when income or receipts exceed outlays or expenditures. A budget surplus often refers to the financial states of governments; individuals prefer to use the term 'savings' instead of the term 'budget surplus.' A surplus is an indication that the government is being effectively managed.
http://www.investopedia.com/terms/b/budget-surplus.asp
Primary tabs. CBO’s regular budget publications include semiannual reports on the budget and economic outlook, annual reports on the President’s budget and the long-term budget picture, and a biannual set of options for reducing budget deficits.
https://www.cbo.gov/topics/budget
what is a budget deficit
A budget deficit is when spending exceeds income.