Mind the gap: on fiscal Deficit Date :- 31-12-2018 1. Deficit (Noun) – Meaning - an excess of expenditure or liabilities over income or assets in a given period. synonyms: shortfall, deficiency, shortage, undersupply, slippage;  indebtedness, debt, arrears;  minus amount, negative amount, loss "there was a large, continuing deficit in the federal budget" 2.