shortfall vs deficit

shortfall and deficit both are nouns.

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

As nouns, shortfall and deficit are synonyms defined as:

shortfall and deficit: the property of being an amount by which something is less than expected or required

Other synonyms of shortfall include shortage.

shortfall (noun)	deficit (noun)
the property of being an amount by which something is less than expected or required	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