Official definition · 官方定义
“A fiscal deficit occurs when a government spends more money than it takes in.”[1]
— Corporate Finance Institute, CFI Resource Library · corporatefinanceinstitute.com ↗ · accessed 2026-10-25
A budget deficit is the gap between what a government spends and what it collects in a year. It is financed by borrowing, which adds to the debt stock.
财政赤字是政府一年支出与收入之间的差额。赤字靠借债弥补，借来的钱累加成债务存量。
A deficit is not automatically a problem; it depends on the interest rate, the growth rate and what the money buys. Borrowing to build infrastructure can pay for itself; borrowing to pay salaries does not. The number that matters is the deficit as a share of GDP and the interest bill as a share of revenue — that second ratio is what eventually forces a government to choose.
赤字本身不等于问题，要看利率、增长率，以及钱花在哪。借钱修基建可能自我偿付，借钱发工资不会。
真正要盯的是两个比值：赤字占 GDP 的比重，以及利息支出占财政收入的比重。后者才是最终逼政府做选择的东西。
| Move变动 | Where it appeared出现位置 | What it means这句话在说什么 |
|---|---|---|
| 6.2% | Why a $2 trillion deficit and 5% Treasury yields are becoming America’s biggest economic challenge 财政赤字 · 第 1 张术语卡 | The US gap reached $1.99 trillion in fiscal 2026, about 6.2% of GDP — the third-largest on record. 判断赤字大不大，要看它占 GDP 的比重，而不是绝对金额：美国 2026 财年为 6.2%，欧盟财政规则的上限是 3%。在失业率不高的时候赤字仍然很高，通常被称作“结构性赤字”——不是经济差造成的，而是税制与开支结构本身造成的。 |
| 5.4% | France's risk premium overtakes Italy's as bond investors price a default 财政赤字 · 第 6 张术语卡 | France's deficit is put at about 5.4% of GDP this year; even if the whole €54 billion package passes, the plan only gets it to 5%. 赤字是「流量」，债务是「存量」：赤字是往浴缸里加水，债务是水位。降赤字只代表放水变慢，不代表水位下降——法国已连续五年赤字在 5% 或以上，方案连「放水变慢」都做得很勉强。 |
| — | Foreign capital flows into US stocks hit record $942bn 财政赤字 · 第 8 张术语卡 | The article ties weak Treasury demand to 'a widening fiscal deficit': more borrowing needs more buyers. 链条：赤字 → 发债规模 → 谁来买。当外国买家减少、国内买家又有限，就只能用更高利率吸引资金，进而推高全社会的融资成本。这正是本篇把「外资买股票」放进债券市场语境讨论的原因。 |
A deficit means the government is broke
It borrows in its own currency and sets the rate at which it borrows.
Cutting spending always cuts the deficit
It also cuts growth and tax revenue.
Deficit and debt are the same
One is a flow per year, the other a stock accumulated.
· a deficit of 6% of GDP
· widen the deficit
· fiscal consolidation
· primary deficit
· debt ceiling
a deficit of 6% of GDP 赤字占 GDP 6%；widen the deficit 扩大赤字；fiscal consolidation 财政整顿；primary deficit 基本赤字；debt ceiling 债务上限。
· deficit vs debt
· primary vs headline deficit (with or without interest)
deficit 是年度差额，debt 是累积余额；primary deficit 不含利息，headline deficit 含。
The deficit widened to $Xbn in the fiscal year, or Y% of GDP.
财政句：本财年赤字扩大至 X 亿美元，占 GDP 的 Y%——or Y% of GDP 是换算成国际可比口径。
“The US gap reached $1.99 trillion in fiscal 2026, about 6.2% of GDP — the third-largest on record.”
“France's deficit is put at about 5.4% of GDP this year; even if the whole €54 billion package passes, the pla…”
“The article ties weak Treasury demand to 'a widening fiscal deficit': more borrowing needs more buyers.”