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Ballot Initiative
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Budget Deficit
A deficit is what results when a government (or other entity) spends more than it takes in, an act that often is called “{deficit spending}.” The deficit for any given year should not be confused with the “{national debt},” which is the total amount owed by the government. In {fiscal year} 2006, which ended Sept. 30, 2006, the U.S. government’s deficit was $248 billion, according to the U.S. Treasury.