What is the difference between debt and deficit?

[kristin22]

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Hi everyone,
Plz let me know what is difference between debt and deficit is.....?

[benfriedman]

debt is money that you owe someone, deficit is the difference between the amount that you spend and the amount that you receive. If you spend £40 but you are only receiving £35 then you have a £5 deficit.

Deficit leads to debt but they are far from the same thing.