A study by the Congressional Budget Office (CBO) revealed that budget plans would result in a total deficit of $9.8 trillion over the period.
CBO also forecasts a deficit of $1.43 trillion for 2011, a figure $75 billion higher than the projected sum.
Paul Ryan of Wisconsin, a Republican on the House Budget Committee, was quoted by Bloomberg as saying: âThe news today from CBO is clear: The presidentâs budget will continue to lead our nation into a fiscal catastrophe - an ever worse one than the presidentâs own numbers suggest.â
Further findings from the CBOâs study revealed that government deficits would total $1.5 trillion in 2010 and $1.3 trillion in 2011, 10.3 per cent and 8.9 per cent of gross domestic product respectively.
The USâs deficit would account for 5.6 per cent of GDP by 2020 if the presidentâs proposals receive the go ahead.
By Jim Ottewill