Mankiw has a post up depicting what happened to our deficit this year. Short story is we’re paying out about 27% of GDP and only collecting about 16% of GDP in taxes. While that’s not as high as it was in WWII, it’s as high as it has ever been since then. Holy Crap.
Also, it is not projected to get much better. Long term, we’re talking spending 22-25% of GDP and taxing only about 19%.