Defining Budget Deficits
When you spend more than you earn and the total amount of money that you're spending turns out to be more than the amount that you're brining in causes a budget deficit.
For example, if you spend $100 per week but earn less than that every week, that's a budget deficit. In addition, should you continue this kind of excessice spending, you will likely end up in debt.
Budget deficits can happen in both small and large scales (individual - nations).
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