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"in deficit" is correct and usable in written English.
You can use it when you need to refer to a shortfall or deficit of something, such as a monetary deficit. For example, "The government is in deficit, with debts totaling $20 billion."
Exact(58)
All get in deficit.
— you get $143 billion in deficit reduction.
But Brazil's is already in deficit.
The budget was in deficit.
We are trillions of dollars in deficit there.
And Mr. Bush has shown little interest in deficit reduction.
Eighty percent of all trusts are in deficit.
The Senate version added $107 billion in deficit spending.
Leaving politicians to politick -- one thing not in deficit here.
Similar(2)
No: massive debt and fierce interest rates meant an all-in deficit of about 16%.
Q: Why did they pass a budget with a built-in deficit?
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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