In our continued analysis of the President’s budget, we now move to a detailed examination of what the budget, if enacted entirely and without future changes, would look like at the end of the 10-year cycle in 2021 and how it will change from today.

With the much-anticipated release of the FY 2012 President's budget, The Bottom Line will offer detailed analysis of every aspect of the budget in a blog series over the next few days. Our first blog (this one!) will introduce the broad framework.

In yesterday's Budget and Economic Outlook, CBO shows that Social Security will run deficits each year over the coming decade, depleting $547 billion from the program's trust funds by 2021. We were already predicting this would happen back in March of last year.

CBO today released its new budget and economic update, showing higher ten-year deficit and debt projections from 2012 to 2021 than they predicted back in August. The 2011 deficit is projected to be the highest in history (in nominal dollars), $1.48 trillion, while the ten-year deficit is close to $7 trillion, up by about $725 billion from where it was in August.

OMB recently released an annual report on PAYGO, showing the budgetary impacts of PAYGO legislation, current policy exemptions, and exemptions for emergency legislation. The report details the budgetary impact of all legislation passed since February 12, 2010, when the PAYGO law was enacted.

There has been an increasing amount of talk this week concerning calls for repeal of the health care reform legislation, as the 112th Congress convened for the first time this Wednesday. The House is scheduled to vote on a bill calling for a full repeal of the legislation this coming Wednesday.

The Treasury Department released Tuesday its annual Financial Report of the U.S Government. The report highlights the nation's budget deficit, net operating costs, debt projections, and all government liabilities on an accrual accounting basis. To sum it up, the report shows us how big of a hole we're truly in.

The Congressional Budget Office made an unusual jump into the fiscal fray back in the summer, spelling out the specific harm that excessive long-term debt does to our economy. Today, they released a report that attempted to quantify the effects of waiting to act to stabilize the debt.

Update: This blog has been updated to reflect additional information.

Treasury and OMB released the final deficit number for FY 2010 on Friday: $1.294 trillion. While $120 billion lower than last year's deficit, it still represents the second biggest deficit in the country's history in nominal terms. It also represents 8.9 percent of GDP, a percentage point lower than last year's deficit.