noun

1. Deficiency in amount or quality; a falling short; lack.

2. A situation wherein, or amount whereby, spending exceeds government revenue.

Synonyms: fiscal deficit, shortfall

noun

1. A statement of the meaning of a word or word group or a sign or symbol (dictionary definitions).

2. (usually with the definite article the) A clear instance conforming to the dictionary or textbook definition.

3. A statement expressing the essential nature of something; formulation