By SUNIL Sonkar

Washington, Feb. 02 — US President Barack obama put on Tuesday a sobering price tag on financial crisis in the US and also ensured recession. The tag is a record-shattering $1.6-trillion (U.S.) deficit for 2010.

Obama unveiled the budget proposal on Monday, which holds a plan that juggles the conflicting goals to boost the ailing economy in this short term. He also announce runaway deficits in 2011 and beyond.

For the Americans and also to the rest of the world, the U.S. fiscal excess cost may be felt for few years by the higher rates of interest, inflation and also of lower growth.

The GDP is at 10.6 per cent, which is the broadest measure of the economy and the projected deficit this fiscal has set a post-Second World War record.

Beside the deficit news, the good part is that the economic calamity is not inevitable says economists.

Obama unveiled his budget proposal and he also vowed to slay the deficit by the way the economy recovers and also to treat the money of taxpayers with respect.

White House said, “We simply cannot continue to spend as if deficits don’t have consequences, as if waste doesn’t matter, as if hard-earned tax dollars of the American people can be treated like Monopoly money, as if we can ignore this challenge for another generation.”