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From The Collaborative International Dictionary of English v.0.44 [gcide]:
Deficit \Def"i*cit\, noun [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.
From WordNet (r) 2.0 [wn]:
deficit
noun
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)
From Moby Thesaurus II by Grady Ward, 1.0 [moby-thes]:
62 Moby Thesaurus words for "deficit": absence, arrear, arrearage, arrears, back debts, back payments, balance, beggary, bouncing check, break, credit, decline, defalcation, default, defect, defectiveness, deferred payments, deficiency, deficit financing, delinquency, deprivation, destitution, difference, discontinuity, discrepancy, dollar gap, drought, epact, failure, falling short, famine, gap, hiatus, imperfection, impoverishment, inadequacy, incompleteness, inferiority, insufficiency, interval, lack, lacuna, loss, missing link, need, net, omission, outage, overdraft, remainder, scantiness, short measure, shortage, shortcoming, shortfall, slump, starvation, surplus, ullage, underage, want, wantage
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