The data on government financing can be found here. I recommend Table 1.3.
You can track spending vs. revenues in the late 1980s as well as I can.
Note that estimated revenues in constant 2000 dollars for 2006 are about $1.9 trillion.
In the entire history of the budget, only two years exceed this: 2000 and 2001.
If you go up to 2008, America's tax revenues (estimated) in constant dollars will be higher than they have been through America's entire history.
It seems to me that insufficient taxation is not the problem here. Any arguments on that?
We could also that entitlements are responsible for much of this, but do you want to go there?
My views on private vs. public spending are an opinion, based on a LOT of personal observation and experience.
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re: Data