CBO estimates $9.8 trillion in deficits over 10 years

Also, under the president's budget debt held by the public would grow from $7.5 trillion or 53 percent of GDP at the end of 2009 to $20.3 trillion, or 90 percent of GDP, at the end of 2020, about $5 trillion more than under the assumptions underlying the baseline.

The analysis also found that revenues would be $1.4 trillion, or 4 percent, below CBO's baseline projections from 2011 to 2020, mainly because of the president's proposals to index the thresholds for the alternative minimum tax for inflation starting at their 2009 levels and to extend many of the tax cuts from 2001 and 2003 scheduled to expire at the end of the year. Other proposals in the budget, including changes to the healthcare system would increase net revenues.