Current account deficit - what does it mean?

[NewJeffCT]

What exactly is the "current account deficit" as opposed to the budget deficit & the trade deficit? I have what I think is a general idea, but I have no clue if I'm correct or not.

Thanks

[Elwood P Dowd]

1. The current account deficit is the trade deficit

We are currently importing more goods and services than we're exporting to the tune of 800 billion dollars a year. By 2007, the deficit could reach one trillion dollars a year.

[NewJeffCT]

2. Why is this something new I've only heard in recent years?

While I've been hearing about trade deficits since the 80s? I had thought it was something else?