Obama forecasts $1.75 trillion deficit this year

President Barack Obama will forecast a 2009 deficit of $1.75 trillion in a budget proposal on Thursday that sets goals of overhauling the healthcare system and shoring up the U.S. economy.

The huge deficit would represent 12.3 percent of U.S. gross domestic product -- the largest share since World War II.

It also includes a 10-year, $634-billion reserve fund to help pay for the president's proposed healthcare reforms.