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The phrase "as a deficit" is correct and usable in written English.
It can be used when discussing a shortfall or lack of something, often in financial or resource contexts.
Example: "The company reported its losses as a deficit in the quarterly financial statement."
Alternatives: "as a shortfall" or "as a loss".
Exact(59)
The Conservatives plan to smear him as a deficit denier.
"As a deficit hawk, I'm guardedly optimistic about this budget".
In schools where these efforts are neglected, "otherness" often become stigmatized and treated as a deficit.
Their background is viewed as a deficit rather than a strength.
He was well known in Washington policy circles as a deficit hawk.
"Most people think of depression as a deficit state," Mayberg says.
Don't be surprised if Mr. Ryan is attacked by some Democrats as a deficit dove.
Characterizing himself as a "deficit hawk," Portman was considered a centrist-to-conservative Republican.
He may be preparing to stay his hand as a deficit cutter if the economy looks grim.
Ryan has already burnished his standing as a deficit hypocrite by pushing a comparable tax cut through the House.
Similar(1)
The second point is that the Buffett Rule isn't intended primarily as a deficit-reduction device.
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com