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Budget deficit

A Budget deficit occurs when an entity, usually a government spends more money than it takes in. The opposite is a budget surplus. Budget deficits are important political issues. From 1970 to 1997, the United States Government ran significant deficits. By 1998, budget surpluses became common, lasting through 2001. An issue about counting so-called "off-budget" items such as Social Security, which are presently running a large surplus, complicates discussion of budget deficits.

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