How Big is the Debt? Thus, one could modify the terms to - On-budget deficit (surplus) Oif-budget deficit (surplus) In 2002, the on-budget deficit was $317.5 billion, while the off-budget surplus was $159.6 billion. This gives a total deficit of $.8 billion4 How Big is the Debt? • Thus, one could modify the terms to: – On-budget deficit (surplus) – Off-budget deficit (surplus) • In 2002, the on-budget deficit was $317.5 billion, while the off-budget surplus was $159.6 billion. This gives a total deficit of $157.8 billion