I like this version of the CBO’s fiscal outlook chart that has the light blue horizontal line showing the average level of revenue in the 1968-2008 period:
What we see here is that the current budget outline has revenues rising, slowly, to a level somewhat below its average level during the 40 year conservative ascendancy. But in the future, the country is going to undergo demographic shifts that imply higher spending, and progressives are hoping that the conservative ascendancy is now over. But clearly a period of progressive ascendancy—especially when combined with demographic realities—implies that revenues ought to be higher, not lower, than their average level from the conservative period.
In other words, progressives are going to need to start thinking about ways to raise taxes in the not-so-distant future.
Update
Sorry, I misstated this slightly. The chart shows revenues rising to slightly below the historical average revenue of outlays. The overall point holds since over the long haul revenues need to match outlays.
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