Interperiod equity is explained as follows:

interperiod equity is a significant part of accountability and is fundamental to public administration. It therefore needs to be considered when establishing financial reporting objectives. In short, financial reporting should help users assess whether current-year revenues are sufficient to pay for services provided that year and whether future taxpayers will be required to assume burdens for services previously provided.

Two major elements of accounting terminology are deficit and debt. Define each of these terms and describe how each term applies in the description and explanation of interperiod equity. This is a governmental accounting question; please do not introduce political arguments in your attempt at an answer.