President Barack Obama’s budget blueprint for the next fiscal year excludes the $6.3tr in liabilities of government-controlled Fannie Mae and Freddie Mac and delays for a second time a decision on restructuring the mortgage-finance companies that were seized 17 months ago.

The companies may need $54.4bn more in US Treasury Department preferred stock purchases to stay afloat in the current year that ends 30 Sept, and $23bn more for the next fiscal year, according to calculations made from the Obama administration’s 2011 budget proposal to Congress today.

'The administration continues to monitor the situation of the GSEs closely and will continue to provide updates on considerations for longer-term reform of Fannie Mae and Freddie Mac as appropriate,' the Obama administration said.