As a share of potential GDP (CBO Might 2022 estimates):

Determine 1: Cyclically adjusted Federal finances stability (blue, left scale), and Federal debt held by the general public (tan, proper scale), as a share of potential GDP. NBER outlined peak-to-trough recession dates shaded grey. Supply: CBO, NBER, and writer’s calculations. 

Be aware the decline within the cyclically adjusted finances stability (formally, finances stability adjusted for automated stabilizers) declined through the Trump years, even earlier than the pandemic. Debt held by the general public rose as nicely. Since 2021Q1, debt-to-potential-GDP has been fairly steady.

(Why use cyclically adjusted finances stability. As a result of the finances stability is an endogenous variable. Why use potential GDP? As a result of GDP is an endogenous variable.)