Just got finished reading a very interesting article on Minyanville.  Take a look at Table 1 in that article.  It shows,  on a timeline,  the total of Household + Corporate + Government Debt Outstanding, as a percentage of national GDP.

Regan+Bush Administrations - It spiked from 151 to 200%.
Clinton Administration - Remained flat.
Bush Administration - It spiked from 200 to 270%.

Republicans are fiscally responsible?  One word.  BULLSHIT.