Budget Deficit

see Balanced Budget

the excess of expenses over income (taxes, etc.) for the USA (or other Nation-State) Federal Government for a given year.

the cumulative total is known as the Public Debt or National Debt

http://www.rba.gov.au/Speeches/sp_dg_130203.html#graph3

article links to a graph

1976-2002 http://www.littlepiggy.net/deficit/index.php

George Akerlof 2001 interview