What is the difference between a deficit and debt? a. Deficits are nominal; debt is real b. Debt is nominal; deficits are real c. Deficits are flow, that is, the amount that expenditures exceed revenues in a single year; debt is a stock, that is, the accumulation of past deficits d. Debt is a flow, that is, the amount that expenditures exceed revenues in a single year; deficits are a stock, that is, the accumulation of past debts e. Deficits do not have to be paid back; debt must be paid back f. Deficits are what I owe you, debt is what you owe me