Are We Really Drowning In Red Ink?

Brian Beutler | April 22, 2011, 9:36AM

For the next several weeks, and likely through election season, Washington will continue to be gripped by the debate about how to reduce federal deficits and the national debt. It's a common focus of legislative preening, particularly after economic downturns, and even more particularly when Democrats control the White House.

So it's worth keeping in mind how current and projected deficits and debt stack up to their historic levels, relative to GDP. The answers will surprise you.