From Pew Research Center's latest poll
The significant lead Romney has over the president on reducing the federal deficit is a great example of just how bad the media coverage of the federal deficit has been. Particularly during the summer of last year leading up to the debt ceiling hostage crisis.
President Obama has lowered the deficit since taking office and has passed legislation that will eliminate the deficit within this decade.
The federal deficit was $1.4 trillion in fiscal year 2009. The fiscal 2009 budget was the last budget passed by George W. Bush. The projected federal deficit for fiscal 2012 is $937 billion according to the Congressional Budget Office.
With the elimination of the Bush Tax Cuts included in the Budget Control Act (the debt ceiling deal) the federal deficit may entirely vanish by 2018.
Alternatively, the limited proposals Mitt Romney has debuted during his time running for president would balloon the deficit and add as much as $10 trillion to the national debt.