At least a drunken sailor spends his own money!

WASHINGTON (AFP) – US President Barack Obama has underestimated the government budget deficit for the next decade by 1.2 trillions dollars, estimates by Congress showed Friday.

Under Obama's latest budget projections, the cumulative deficit over the 2011-2020 period would be 8.532 trillion dollars, or 4.5 percent of gross domestic product, the nation's economic output.

But the Congressional Budget Office estimated Friday the deficit would snowball to 9.761 trillion dollars or 5.2 percent of GDP.

The CBO expects a deficit "1.2 trillion dollars greater over the 2011-2020 period than what the administration anticipates under the president?s budget," CBO director Douglas Elmendorf said in a report Friday.

The CBO said it also estimated a deficit that was 75 billion dollars higher than projected by the White House for the next fiscal year, which ends on September 30, 2011.

The White House had projected that deficit falling to 1.267 trillion dollars, from a record 1.556 trillion dollars in the current 2010 fiscal year.

The CBO also said that Obama's debt projections were optimistic.

By 2020, the federal debt would balloon to 20.3 trillion dollars, or 90 percent of GDP, the CBO said, compared with 18.5 trillion dollars projected by the administration.