The Primary Deficit is calculated by subtracting ___ payments from the total Fiscal Deficit, thereby showing the government's current borrowing requirement exclusive of past debt obligations.

Answer: interest

The Fiscal Deficit represents the total borrowing needs of the government. However, a large portion of this borrowing is often just to pay the interest on accumulated past debts. By subtracting interest payments, the Primary Deficit reveals how much the government is borrowing purely to fund its current fiscal year's expenditures.