Is “Deficit” a Scrabble word?

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Yes
DEFICIT
Valid in at least one Scrabble dictionary

Valid in these dictionaries

SOWPODS / CSW
Scrabble UK & International
Valid
TWL / NWL
Scrabble North America
Valid
Large English Dictionary
General English word list
Unavailable

Meaning of Deficit

/ˈdɛfɪsɪt/

noun
  1. 1.Deficiency in amount or quality; a falling short; lack.

  2. 2.A situation wherein, or amount whereby, spending exceeds government revenue.

Synonyms: fiscal deficit, shortfall