The CBO has released their analysis of the president's budget. They find that the presiden't proposals would add $737 billion to the deficit over ten years.

Letter to the Honorable Ted Stevens regarding the preliminary results of CBO's analysis of the President's budgetary proposals for fiscal year 2005

Under the President's budget, CBO estimates, the deficit would be $478 billion in fiscal year 2004 and $356 billion in 2005 (see Table 1). As a share of the economy, the deficit would total 4.2 percent of gross domestic product (GDP) this year, then fall to 2.9 percent next year. Under the President's policies, the deficit would decline further--to 2.1 percent of GDP--in 2006 and then remain between 1.6 percent and 1.8 percent through 2014.

Over the 10-year period from 2005 through 2014, deficits would total $2.75 trillion under the President's policies--$737 billion higher than CBO's baseline projection of the cumulative deficit.(1) Debt held by the public would rise from 36 percent of GDP at the end of 2003 to about 40 percent during the years 2006 through 2014.