Last week the Department of the Treasury released final budget numbers for Fiscal Year 2010, showing that it ended with a deficit of $1.3 trillion. This is $122 billion less than the preceding year, but still one of the highest in history.

Revenues in FY 2010 totaled $2.2 trillion, which was $57 billion or 2.7 percent higher than in FY 2009. Outlays were $3.5 trillion, $64 billion or 1.8 percent less than in FY 2009.