/def"euh sit/ ; Brit. also /di fis"it/ , n.
1. the amount by which a sum of money falls short of the required amount.
2. the amount by which expenditures or liabilities exceed income or assets.
3. a lack or shortage; deficiency.
4. a disadvantage, impairment, or handicap: The team's major deficit is its poor pitching.
5. a loss, as in the operation of a business.
[ 1775-85; deficit (it) lacks, 3rd pers. sing. pres. indic. of deficere; see DEFICIENT ]