liabilities vs deficit

liabilities and deficit both are nouns.

Word	Noun	Adjective	Verb	Adverb
liabilities	Yes	No	No	No
deficit	Yes	No	No	No

As nouns, deficit is a hyponym of liabilities; that is, deficit is a word with a more specific, narrower meaning than liabilities:

liabilities: anything that is owed to someone else
deficit: an excess of liabilities over assets (usually over a certain period)

liabilities (noun)	deficit (noun)
anything that is owed to someone else	the property of being an amount by which something is less than expected or required
	an excess of liabilities over assets (usually over a certain period)
	(sports) the score by which a team or individual is losing
	a deficiency or failure in neurological or mental functioning