Therefore, if refers to an arbitrary year, is government spending and is tax revenue for the respective year, then. If is last year's debt (the debt accumulated up to and including last year), and is the interest rate attached to the debt, then the total deficit for year t is.
https://en.wikipedia.org/wiki/Government_budget_deficit
A deficit hawk is somebody who believes that the government needs to have a balanced budget at almost any cost. A deficit hawk is somebody who will constant rail against the dangers of running a deficit, and how sustained deficit spending will create a large burden for future generations.
http://www.davemanuel.com/investor-dictionary/deficit-hawk/
A deficit hawk will usually advocate for a cut in government spending or an increase in revenues (increased taxes), or a combination of the two. Deficit hawks argue that there is nothing more ruinous to a country (and its currency) than a staggeringly high debt load. The deficit hawk will argue that a country should take its medicine and suffer the short-term consequences of getting its books in order, rather than acquiring a pile of debt.
http://www.davemanuel.com/investor-dictionary/deficit-hawk/
In the UK and Ireland the word traditionally meant the number 1,000,000,000,000 (a million millions), which is called a trillion in the United States.
http://dictionary.cambridge.org/us/dictionary/english/hawk
The government budget balance is further differentiated by closely related terms such as primary balance and structural balance (also known as cyclically-adjusted balance) of the general government. The primary budget balance equals the government budget balance before interest payments.
https://en.wikipedia.org/wiki/Government_budget_deficit
Most ​major ​businesses hawk their ​wares on the Net. › disapproving to ​try to ​interest a ​person or ​company in a ​product, ​idea, etc.: hawk sth around to sb/sth He has written a ​guide to ​finances which he ​plans to hawk around to all the ​major ​publishers.
http://dictionary.cambridge.org/us/dictionary/english/hawk
The government sector includes federal, state and local. For example, the U.S. government budget deficit in 2011 was approximately 10% GDP (8.6% GDP of which was federal), offsetting a capital surplus of 4% GDP and a private sector surplus of 6% GDP.
https://en.wikipedia.org/wiki/Government_budget_deficit
hawk noun [C]. › ECONOMICS someone who believes that the ​government should take ​strong ​action in ​controlling the ​national ​budget, ​inflation, etc.: The hawks on the ​committee are worried that 6 ​per ​cent ​growth could ​trigger ​inflation. a ​budget/​deficit/​inflation hawk Compare dove. Compare.
http://dictionary.cambridge.org/us/dictionary/english/hawk
This is because a budget deficit means that a government has deposited more money and bonds into private holdings than it has removed in taxes. A budget surplus means the opposite: in total, the government has removed more money and bonds from private holdings via taxes than it has put back in via spending.
https://en.wikipedia.org/wiki/Government_budget_deficit
A budget is prepared for each level of government (from national to local) and takes into account public social security obligations.
https://en.wikipedia.org/wiki/Government_budget_deficit
define budget hawk
A deficit hawk is somebody who believes that the government needs to have a balanced budget at almost any cost. The definition of budget hawk is a deficit hawk is somebody who believes that the government needs to have a balanced budget at almost any cost.