Rorschach test -- Federal spending version

Matt Yglesias looks at this chart and sees an "unprecedented decline in government spending". To me, it looks like despite forecast (but not assured) declines, government spending (constant dollars) will remain higher than it was at any point between 1960 (as far back as the chart goes) and 2008.

Of course, we're both right, but we're also both seeing what we want to see.