Even worse. The 2009, 2010 and 2011 deficits are all President Obama's legacy (he signed the 2009 appropriations bill, not President Bush). What do they have in common? All 3 are TRIPLE the size of the last budget that President Bush signed.
He's got ONE YEAR to cut over $1.2 trillion in annual spending - after all, he campaigned on a pledge to cut the Bush deficit in half, by the end of his first term. Since the last Bush deficit was $440 billion, President Obama better get ready to cut the next budget - his current FY2011 deficit is somewhere close to $1.5 trillion. He's got a LONG way to go to get down to under $220 billion!