"Economic commentators have noted a pattern between changes in US national debt and US presidential terms over the last few decades. These commentators observe that changes in US national debt have been correlated with the political ideology of the ruling administration."

"Economist Mike Kimel notes that the last five Democratic Presidents (Clinton, Carter, LBJ, JFK, and Truman) all reduced public debt as a share of GDP, while the last four Republican Presidents (GW Bush, GHW Bush, Reagan, and Ford) all oversaw an increase in the country’s indebtedness. Economic historian J. Bradford DeLong observes a contrast not so much between Republicans and Democrats, but between Democrats and "old-style Republicans (Eisenhower and Nixon)" on one hand (decreasing debt), and "new-style Republicans" on the other (increasing debt). Similarly, Republican David Stockman, director of the Office of Management and Budget under President Ronald Reagan, as op-ed contributor to the New York Times blamed the "ideological tax-cutters" of the Reagan administration for the increase of national debt during the 1980s."

http://en.wikipedia.org/wiki/National_debt_by_U.S._presidential_terms

(Lots of graphs, tables and footnotes on that site).)

The only exception to the trend has been Obama, but he is deliberately using deficit spending to pull us out of a recession, as he promised he would during his campaign. Whether its the way to go about it, or whether he succeeds or not, is a valid matter for debate, and for history to decide. But at least its not because he wants to give his pals a tax break.