These charts posted at Powerline are interesting. If the decline in percentage of GDP is considered an important indicator, we are actually doing better than the administration would like us to believe. Much better. Just look at the mindbending GDP bar in the second graph, representing the Great Depression:

http://www.powerlineblog.com/archives/2009/03/023039.php

But hey, records are made to be broken! And if anyone besides the indispensible Mr. Geithner was in place at Treasury to answer the phone, they would probably tell you the same thing.