In 2009, when the next president takes office, the government is expected to spend $400 billion more than it takes in, adding to a national debt that tops $9 trillion.

As detailed below, both candidates have major new health care initiatives and other spending proposals; Obama tacks on a major tax cut for working Americans to offset Social Security tax payments.

While it's hard to come up with a precise price tag given the lack of specifics in many of their proposals, these plans are likely to cost the Treasury well into the hundreds of billions of dollars a year. The National Taxpayers Union, a conservative group that favors lower taxes and smaller government, gives a very rough estimate of $287 billion for Obama and $218 billion for Clinton.