Here is a chart of the history of the debt ceiling which I think shows a lot. Sorry, it's a little low resolution, but I'm sure you will get the idea:
I've added the blue blocks showing the Presidencies of Reagan and the two Bushes. Reading off the graph, I calculate that, of the total 14.3 trillion currently allowed, 12.3 trillion was added by Reagan and the Bushes. This is fully 86% of the total national debt, piled up by these three cynical liars, while they constantly preached the gospel of fiscal responsibility to the American people.
And let's remember, when Democrats spend money it's on things like Social Security and Medicare, and on clean water and air, on safe food and on some control on renegade corporations. When Republicans spend money, it's largely on wars and giveaways to the rich.
No Republican deserves a second of respect when they lecture us on a financial situation they deliberately, knowingly created. Obama may be weak, but he is not a crook, and neither were Clinton or Carter. Reagan and the Bushes were nothing but criminals who looted that $12.3 trillion on behalf of their rich benefactors.
By the way, if you haven't read the excellent comment by Mastercynic here, I suggest you do. It adds another piece of history to this whole discussion.