On April 15, 2011, the Congressional Budget Office (CBO) released its full analysis of the president's budget proposal for fiscal year (FY) 2012, which was published in February (see Pew's fiscal fact sheet on the president's budget). CBO estimates the impact of the president's policy proposals on federal spending, revenue, deficit and debt, as well as the economic effects of their implementation.
According to CBO, enacting all of the proposals contained in the president's budget would result in cumulative deficits of $9.5 trillion between FYs 2012 and 2021. Federal publicly-held debt would rise to 87 percent of Gross Domestic Product (GDP) by FY 2021.