Obama and Dems Shrink Deficit by $122 Billion

According to the U.S. Treasury, for the 2010 fiscal year that ended on September 30, the government had a budget shortfall of 1.294 trillion dollars, down 122 billion dollars from the previous year's record-setting high.

The 2010 fiscal year was President Obama's first federal operating budget. The previous year's budget was the final Bush budget which set a record for the largest deficit in American history.