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What is the Deficit? The federal government deficit is the current gap between the money brought in as revenue and the money going out as spending. The federal government debt is the cumulative amount of money borrowed. You probably have to incur debt to cover a deficit, but a deficit can be temporary while a debt may stick around for a while.
The countryâs annual deficit is the difference between what the government collects in revenues and spends in one year. The national debt, which exceeds $18 trillion, is the net of annual deficits minus any annual surpluses. To back up his claim, Obama is comparing his first budget year in office -- 2009 -- to 2014. The White House is breaking down the deficit as a percentage of Gross Domestic Product, or GDP, and not actual dollars.