You got it. The see Petey Jennings do that little incredulous rolling of the eyes as he said 'The US budget deficit reached a new high today...with no end in sight" or whatever, and they think "A new high for the budget deficit."
The same MSM folks who report this as if it's some sign of the apocalypse are right on the spot, though, to criticize any budget "shortfalls"--"While the President said today his was the largest budget for ((whatever)), in adjusted dollars it falls far short of the level of funding in the 1970's..." or whatever.
It's not paranoid Republican ranting--it's true. They use whichever standard--adjusted $, proportion of the GNP, whatever--gives them the best spin.
How is spending doing? Taxes are up but is spending down? I mean we have a GOV government so spending is down big time right?