A few things to note:
– The tax increases on the “rich” the Obama has proposed would not solve this issue — the CBO projects that those would have resulted in $1Trillion in revenues over the next ten years while the deficit was projected at $13Trillion.
– This is not just the result of the GDP shrinking — that would mean that the GDP had shrunk by nearly a third.
– Nor is this only temporary spending. The graph which includes CBO projections for continued spending through 2016 (at which time the CBO projects the recession to be fully over) does not look any better.