The following graphic...
from Paul Krugman's NY Times blog, makes it utterly obvious that all the moaning and wailing by the political right about "wasteful spending" and "out of control deficit spending" is hogwash. The deficit is simply the gap between the expenditures and the receipts. The fact that the economy has gone into a blue funk because of the Bush "deregulation" is the cause of the deficit. It isn't because Obama is suddenly spending money on "new schemes".
The expenditure trendline is linear from the Bush trend. The deficit was inherited from Bush from the collapse in the US economy caused by the ideological Bush administration that loved to trot out regulators with chain saws and celebrate the fact that they were "removing bureaucratic red tape" with their regulation to allow the economy to "grow". Well... it didn't grow. It collapsed in a horror of greed and fraud.
Just like a town in which the mayor says "I'm getting rid of the police because I know the honest citizens of this town don't need the intrusive hand of a police force imposing all kinds of unnecessary laws". Well... Bush got rid of the regulators and the fox went wild inside the henhouse slaying hen after hen in an orgy of fraud and greed.