Deficit \Def"i*cit\, n. [Lit., it is wanting, 3d person pres. indic. of L. deficere, cf. F. d['e]ficit. See {Defect}.] Deficiency in amount or quality; a falling short; lack; as, a deficit in taxes, revenue, etc. --Addison.
deficit n 1: the property of being an amount by which something is less than expected or required [syn: {shortage}, {shortfall}] 2: an excess of liabilities over assets (usually over a certain period)