President Obama's fiscal 2011 budget will generate nearly $10 trillion in cumulative budget deficits over the next 10 years, $1.2 trillion more than the administration projected, and raise the federal debt to 90 percent of the nation's economic output by 2020, the Congressional Budget Office reported Thursday.

This comes from Business Insider, and it provides a natural follow-up to my post from last week as to why public-sector workers are more optimistic than private-sector employees. For the first time, the US has more government workers than goods-producing workers:

"Bad as the deficit was under Mr Bush, it will more than triple this year, from $459 billion in 2008 to $1.845 trillion
[...]
Meanwhile, the long-term fiscal outlook grows ever grimmer. Americans are getting older. The government’s unfunded obligations to give them pensions and health care are equivalent to a debt of $483,000 for every household."