Recent US Federal Deficit Numbers
| Obama Deficits | Bush Deficits |
| FY 2012: $1,101 billion | FY 2009: $1,413 billion |
| FY 2011: $1,299 billion | FY 2008: $248 billion |
| FY 2010: $1,293 billion | FY 2007: $161 billion |
The federal deficit is the amount each year by which federal outlays in the federal budget exceed federal receipts. But the gross federal debt increases each year by substantially more than the amount of the deficit each year. That is because a substantial amount of federal borrowing is not counted in the budget. See here.