GAO Glossary of Terms and Definitions (September 2005)

Deficit

The amount by which the government’s spending exceeds its revenues for a given period, usually a fiscal year (opposite of surplus).

Budget Deficit

The amount by which the government’s budget outlays exceed its budget receipts for a given period, usually a fiscal year. (See also Budget Surplus under Surplus.)

Unified Deficit/Total Deficit

The amount by which the government’s on-budget and off-budget outlays exceed the sum of its on-budget and off-budget receipts for a given period, usually a fiscal year. (See also Budget Surplus under Surplus; Off-Budget.)

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