The "Percent of expected deaths" is at 97%, meaning that there are fewer total deaths than would be expected right now as a matter of routine. In other words, there is no spike in total deaths over what normally happens.
Percent of expected deaths is the number of deaths for all causes for this week in 2020 compared to the average number across the same week in 2017–2019. Previous analyses of 2015–2016 provisional data completeness have found that completeness is lower in the first few weeks following the date of death (<25%), and then increases over time such that data are generally at least 75% complete within 8 weeks of when the death occurred (8).
Take a look at the total numbers at the top: https://www.cdc.gov/nchs/nvss/vsrr/covid19/index.htm
The "Percent of expected deaths" is at 97%, meaning that there are fewer total deaths than would be expected right now as a matter of routine. In other words, there is no spike in total deaths over what normally happens.
The current measure of 97% is considering the current total, which is under counted. The death certificate data lags at least 2 weeks.
Look at the individual weeks, like 4/4 and 4/11, where the data appears to be mostly complete (see this for an explanation: https://thedonald.win/p/FfWLiGwy/x/c/11QSCMNXhR).
In those weeks, it's 115% and 120%.