Didn’t he promise to cut the deficit in half by the end of his term?

New York (CNNMoney) – The federal government logged a $1.1 trillion deficit in fiscal year 2012 – marking the fourth straight year of trillion-dollar shortfalls.

As a share of the economy, the deficit fell to roughly 7%, according to Congressional Budget Office estimates released Friday. That’s down from 8.7% in 2011, and well below the bruising 10.1% recorded in 2009 during the depth of the economic downturn.

Deficits as a share of GDP in the past four years have been the highest since 1947.