2011 Deficit Is 2nd-Largest in History: $1.299T

There's no second stimulus, but that didn't stop the federal deficit reaching $1.299 trillion last year, the second-largest in history, reports the Hill. That's slightly bigger than the $1.293 trillion from fiscal 2010, but less than the $1.412 trillion of 2009. While $1.299 trillion is a huge number, it is still $347 billion less than projected in February, thanks to better than expected revenues. The national debt is now $14.8 trillion, notes ABC News.

White House officials called on Congress to pass Obama's budget proposals made last month, which they say would cut $4 trillion from the debt over 10 years. "It follows a balanced approach: asking everyone to do their part, so no one has to bear all of the burden," said White House Budget Director Jack Lew. "And it says that everyone—including millionaires and billionaires—should pay their fair share." (More federal deficit stories.)