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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.
Overall, though, the evidence favors approximate Ricardian equivalence.... Measuring the government budget deficit: Federal Deficit, from the Concise Encyclopedia of Economics The simple fact is that the deficit is not a well-defined economic concept. The current measure of the deficit, or any measure, is based on arbitrary choices of how to label government receipts and payments.