Reuters reports from Washington January 31:

The White House predicts that the United States will post a record $1.6 trillion budget deficit in the current fiscal year, a congressional source told Reuters on Sunday.

In its budget proposal to be released on Monday, the White House predicts that deficits will fall to $700 billion by fiscal 2013 before gradually rising back to $1.0 trillion by the end of the decade, the Capitol Hill source said.

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http://www.nytimes.com/reuters/2010/01/31/us/politics/politics-us-usa-budget-numbers.html?_r=1