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Budget deficit occurs when an entity, usually a government spends more money than it takes in. The opposite is a
budget surplus. Budget deficits are important political issues. From
1970 to
1997, the
United States Government ran significant deficits. By
1998, budget surpluses became common, lasting through
2001. An issue about counting so-called "off-budget" items such as
Social Security, which are presently running a large surplus, complicates discussion of budget deficits.