President Obama's national debt busting first budget projects a $1.75 trillion deficit so Obama can spend nearly $4 trillion in fiscal year 2010 and "creates space" for another $750 billion bank bailout.

The White House will formally release Obama's budget boondoggle overview at 11:00 a.m., but at FoxNews, Major Garrett provides a preview:

Senior administration officials would not disclose a precise figure for the entire budget, but said it would likely fall between $3.8 trillion and $4 billion for the fiscal year beginning Oct. 1.

As we reported yesterday, the Obama budget will also set aside a $634 billion health care "reserve fund" as a down payment of the estimated $1trillion cost of Obama's so-called "health care reform."

OTHER BUDGET HIGHLIGHTS:

• Bush tax cuts allowed to expire at the end of 2010.

• Phase out of direct payments to farms with sales revenue of more than $500,000 per year - projected to save $9.8 billion over 10 years.

• Abolish payments for the storage of cotton - projected to save $570 million over 10 years.

• Eliminate the President Bush's Federal Mentoring Program - projected to save $500 million

• Eliminate the "Advance" Earned Income Tax Credit - projected to save $880 million over 10 years.

• Increase investment managers tax rate 135%, from 15% to 35 percent.

• Hire additional IRS agents to collect more taxes.

• Significant undisclosed savings from Pentagon procurement - Obama code for defense cuts.

So Obama is going to spend $4 trillion, run a $1.75 trillion deficit and offer the banks another $750 billion bailout but Obama can only find a measly $1.164 billion in annual savings in the entire Federal budget, not counting his "significant undisclosed" defense cuts.

Like Obama said, he won. It's becoming clear that means we lose.