New CBO report

The Congressional Budget Office has a new report "The 2012 Long-Term Budget Outlook" (see here).  The CBO is considered an unbiased and balanced source.  The report contains the following graph (click to enlarge):

 

 Timothy Taylor has the following to say about the graph (see here):

"Notice that before World War II, the highest points of federal borrowing--the Revolutionary War, the Civil War,  World War I, and the Great Depression--were all below a debt/GDP ratio of 50%. World War II pushed the debt/GDP ratio above 110%, but then it dropped back down after a few decades. Even after the big budget deficits of the 1980s and early 1990s, the debt/GDP ratio didn't get above 50%. But the current debt/GDP ratio is now above 70%, higher than any previous episode in U.S. history other than World War II. The federal debt isn't in completely uncharted territory, but it hasn't visited this neighborhood often before."