'Deficit' definitions:

Definition of 'deficit'

From: WordNet
noun
The property of being an amount by which something is less than expected or required; "new blood vessels bud out from the already dilated vascular bed to make up the nutritional deficit" [syn: deficit, shortage, shortfall]
noun
A deficiency or failure in neurological or mental functioning; "the people concerned have a deficit in verbal memory"; "they have serious linguistic deficits"
noun
(sports) the score by which a team or individual is losing [ant: lead]
noun
An excess of liabilities over assets (usually over a certain period); "last year there was a serious budgetary deficit"

Definition of 'Deficit'

From: GCIDE
  • Deficit \Def"i*cit\, n. [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. [1913 Webster]