President Barack Obama's budget will lead to deficits averaging nearly $1 trillion over the next decade, the CBO estimated Friday. The Congressional Budget Office (CBO) said President Barack Obama's budget would lead to annual deficits averaging nearly $1 trillion for the next decade. The estimates are for larger deficits than the budget shortfalls expected by the White House. Annual deficits under Obama’s budget plan would be about $976 billion from 2011 through 2020, according to a CBO analysis of Obama's plan released Friday.