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.They put it another way:
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.
The $1.294 trillion shortfall is smaller than last year's total; it's slightly lower than the deficit President Obama inherited from his predecessor; and the final figure was smaller than projections made by the administration and the CBO earlier this year.Still way high, but Obama's first budget deficit was (now wait for it) lower than Bush's last.
And now a thought experiment:
Want to have some fun? Ask your favorite Tea Partier whether the deficit they claim to care so much about is higher or lower now than when Obama took office. They won't care for the answer, but it's true.Any takers?