Just so you know, this deficit is totally out of context and was certainly not built by President Obama:
The Obama administration projects a budget deficit of $1.211 trillion this year, though that is $116 billion lower than an estimate released earlier in the year. "This reflects lower-than-expected spending, partially offset by lower-than-expected receipts," Budget Director Jeffrey Zients wrote on the White House website. In unveiling the administration's midyear budget review, Zients reported that this year's deficit is estimated to be 7.8% of Gross Domestic Product. That is less than the 8.5% projected in a similar report in February. Deficits and overall federal debt -- approaching $17 trillion -- are major themes for Republican candidate Mitt Romney as he seeks to evict Obama from the White House.
Yes, you read that right. The federal government will spend well over $1 trillion more than it takes in this year, yet the White House is hailing its own revised numbers as good news. Barack Obama promised to halve the deficit he "inherited" (ie, voted for in the Senate and expanded as president) by this year. He hasn't done so. Not even close. This president has presided over four consecutive trillion-dollar-plus annual deficits, and by his own Treasury Secretary's admission, he has no plans to fix the problem. A certain someone might call these policies "unpatriotic."
UPDATE - It's worth recalling that the tax hikes on "the rich" Obama is currently demanding were all included in his FY 2013 budget, which still didn't even approach dealing with our long term structural deficits and debt. See the Geithner link above.
The Wisdom of Bastiat, as Revealed by Great Moments in Federal, State, and Local Government | Daniel J. Mitchell