I'm a senior in the department, and its definitely highly ranked. Hard to say for the undergrad portion, but the PhD program is top ten, currently sitting at around #5 for the nation.
After TA-ing for the intro courses for many quarters I've seen first hand tons of qualified students turned away -- student I know would do well in the major. The problem is definitely budget cuts. The department currently can't let in more students while maintaining a high quality program.
