Pronunciation: (def'u-sit; Brit. also di-fis'it),[key] —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.