Deficit is when you lose the money, debt is when you owe the money
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The difference between deficit and debt is that deficit is the anual difference between government spenditures ( defense, healthcare,etc.) and its revenue (taxes). When the goverment makes more than what it spends is called "surplus". Debt is the total amount of money that the government owes. In any given moment represents the adding of past deficits minus past surplises.
