Congressional Budget Office's Estimate of the Budgetary Effects of the President's Budget.
"CBO’s preliminary analysis indicates the following:

If the President’s proposals were enacted, the federal government would record deficits
of $1.5 trillion in 2010 and $1.3 trillion in 2011. Those deficits would
amount to 10.3 percent and 8.9 percent of gross domestic product (GDP), respectively.
By comparison, the deficit in 2009 totaled 9.9 percent of GDP.

Measured relative to the size of the economy, the deficit under the President’s proposals
would fall to about 4 percent of GDP by 2014 but would rise steadily thereafter.
Compared with CBO’s baseline projections, deficits under the proposals
would be about 2 percentage points of GDP higher in fiscal years 2011 and 2012,
1.3 percentage points greater in 2013, and above baseline levels by growing
amounts thereafter. By 2020, the deficit would reach 5.6 percent of GDP, compared
with 3.0 percent under CBO’s baseline projections..."