Budget deficit
Government spending in excess of revenue over a period; the opposite balance is called a surplus.
How to read the number
A deficit is closed by borrowing, by reserves or by issuance, and the choice decides who pays: bondholders, future budgets, or everybody at once through prices.
When the metric lies
A single month says almost nothing — spending is uneven through the year, and the opening months routinely look worse than the closing ones.
Also known as: fiscal balance