Keith Hennessey provides the background, the graphs and the explanations and it is a must read piece.
In fact, the smallest annual deficit proposed by President Obama is 3.6% of GDP, in 2018 and 2019, the two years after his second term would end. The lowest during his hypothetical eight years would be 3.7% in 2017 and 2018. The lowest proposed budget deficits in a hypothetical “Obama decade” would exceed the Bush average budget deficit, even if we assign most of the TARP spending to Bush.
This leaves an open question: Which is the decade of profligacy?
Definitely go read the entire thing.