Budget Deficit is most commonly used to refer to government spending rather than business or individual spending. When referring to accrued federal government deficits call "national debt”. In this comparison, use data from central government debt. Central government debt, debt is the entire stock of direct government fixed-term contractual obligations to others outstanding on a particular date. It includes domestic and foreign liabilities such as currency and money deposits, securities other than shares, and loans. It is the gross amount of government liabilities reduced by the amount of equity and financial derivatives held by the government. Because debt is a stock rather than a flow, it is measured as of a given date, usually the last day of the fiscal year.