Deficit \Def"i*cit\, n. [Lit., it is wanting, 3d person pres. indic. of L. deficere, cf. F. d['e]ficit. See Defect.]

Deficiency in amount or quality; a falling short; lack; as, a deficit in taxes, revenue, etc. --Addison.

Source: Webster's Revised Unabridged Dictionary (1913)