Liberals like to talk about the federal budget deficits during the Reagan years (while exonerating congressional Democrats of all responsibility for them). So, how did those deficits, at the height of the Cold War buildup, compare to current ones? Well, the average annual deficit during the Reagan presidency was lower than the deficit for the first quarter of fiscal year 2010 -- even in inflation-adjusted dollars. That's right: we had more deficit spending from October through December than during a typical year of the Reagan administration. According to the Congressional Budget Office, President Obama and the Democratic Congress have managed to rack up a $390 billion deficit in just the first three months of fiscal year 2010, compared to average inflation-adjusted annual deficits of about $350 billion during the Reagan years. And, of course, the Democrats have achieved this feat while simultaneously working to pass Obamacare. So, while posting massive deficits in the short term, they have also been laying the groundwork for colossal deficits over the long haul. No one can say that the Democrats don't know how to multi-task.