That's right. We have achieved the biggest one-year deficit reduction in American history. Read about it here.
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.
Spending fell and revenues rose in fiscal 2010 as the economy recovered from the deep recession that contributed to the nation's troubled fiscal condition.The republicans and the teabaggers have been yelling about reducing the deficit by $100 billion dollars. President Obama has already beat that level by 22 billion dollars. For those of you that are math challenged, Obama has beat the republican's talking point by 22%.
And the best that the Boner can come up with is a measly 352 million.