President Obama will release a proposed budget today that sets aside up to $250 billion dollars to add to the existing bank bailout, which would bring the 2009 budget deficit to $1.75 trillion dollars, White House officials said. Overall, the massive spending plan is built on the assumption that lawmakers can resolve some hugely contentious issues — and it relies on a few well-worn budget tricks.

The request Obama will deliver to Congress today proposes to provide what administration officials are calling a “down payment” on a major expansion of health care coverage for the uninsured. It identifies $634 billion in tax increases and spending cuts to cover the cost of part of the program, but does not say how the administration hopes to raise the rest of the money — hundreds of billions of dollars more. “TBD” has been penciled into categories for cost savings and benefit reductions.

White House officials said the addition of another $250 billion in the budget to shore up banks is considered a “placeholder,” which the administration hopes not to have to spend, at least not in its entirety. But Obama made clear in his nationally televised address to a joint session of Congress Tuesday night that at least some additional funds will be necessary. Aides say the government money would leverage additional funds in private investment.

Obama’s budget is a pretty ambitious attempt on the admins part, but as usuaul the big winner will be the banking industry….when is enough, enough?