Don't let anyone tell you that President Obama and the Democrats have ballooned the deficit. They actually shrunk the deficit by $122 billion -- that's $122 billion lower than Bush's final budget.
The federal government budget deficit shrank in fiscal 2010, but the big gap was only $122 billion lower than the record high set a year ago.
The U.S. spent $1.294 trillion more than it collected in the fiscal year that ended Sept. 30, the Treasury Department said Friday.
The deficit amounted to 8.9% of gross domestic product. That's down from fiscal 2009, when the deficit of $1.416 trillion was 10.0% of GDP.
During the midterms, the Tea Party Republicans promised to reduce the deficit by $100 billion. President Obama topped that figure by an additional $22 billion.
Bite me.