How Big is the Debt? Definitions The deficit during a time period is the excess of spending over revenues The surplus during a time period is the excess oT revenues over spending Some items are off-budget, like the revenues and expenditures associated with Social Security3 How Big is the Debt? • Definitions: – The deficit during a time period is the excess of spending over revenues – The surplus during a time period is the excess of revenues over spending • Some items are off-budget, like the revenues and expenditures associated with Social Security