Getting prepared for greater deficit spending

I expect that Obama will undertake some infrastructure spending and that such spending will increase the deficit over where it is at now. Here's a good post (by Tim Fernholz writing at The American Prospect's blog) with graphs (the work of John Irons at EPI) that shows where we're at, historically, with regard to deficit, and makes the case that there's some room to increase the deficit without approaching historically high deficits (all normalized for GDP). (Am wishing he included debt graphs as well.)