Will the President's budget come back to haunt him?

Very little has been made thus far about the budget the President submitted which was voted down 99-0. To me this is surprising because that budget contained his own ideas for how we should tackle the fiscal challenges that we currently face. His idea seems to be that we should just ignore the deficit, spend like drunken sailors, and proceed as if there really is no problem. Trillion dollar plus deficits don't seem to phase the guy one bit because that is exactly what his budget proposes... in spite of the fact that he promised to cut the deficit in half.(so much for campaign promises)

Anyway, should this be an issue? If not, why? And if so, when?