THE EXCESS OF GOVERNMENT'S TOTAL EXPENDITURE OVER ITS INCOME. THIS HAS TO BE MET BY BORROWING, WHICH INCREASES GOVERNMENT DEBT. BUDGET DEFICITS CAN BE CALCULATED FOR ANY LEVEL OF GOVERNMENT: CENTRAL, LOCAL, STATE IN FEDERAL COUNTRIES SUCH AS GERMANY OR THE UNITED STATES, OR FOR GENERAL GOVERNMENT, WHICH IS ALL THESE LEVELS COMBINED.@en-GB
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