The CBO Analyzes the Bush Budget Proposal

The language describing deficits and the debt is not very precise, and there is a typo in the article, but the point is that under Bush's budget proposal relative to a continuation of the current policies, the accumulated deficits over the next ten years will total $1.4 trillion (the article says 1.2 trillion, but see Table 1 or Table 3 of the CBO report) including the $312 billion cost of privatizing of Social Security:

Bush Plan Would Raise Deficit by $1.2 Trillion, Budget Office Says, by Edmund L Andrews, NY Times: President Bush's budget would increase the federal deficit by $35 billion this year and by more than $1.2 trillion over the next decade, the Congressional Budget Office reported...

The nonpartisan budget office said that Mr. Bush's tax-cutting proposals would cost about $1.7 trillion over the next 10 years and that his proposals to partly privatize Social Security would cost about $312 billion during that period. The office also said Mr. Bush's proposals to save money on Medicare, Medicaid and most nonmilitary programs would offset about one-third of the cost of his other proposals. ...

But the budget office noted that it had not included money for military costs in Iraq and Afghanistan after this year. The Bush administration has asked for a total of $92 billion in supplemental spending this year for those efforts. ... Mr. Bush's budget assumes that the government will reap well over $1 trillion from the alternative minimum tax over the next decade, but Republicans and Democrats alike have vowed to prevent that from happening. ...