Looking at Bush, He was dealing with a small recession in 2001/2002 along with the effects of 9/11 which did have significant impact on the economy. After the tax cuts were passed, the economy began growing, even with the cost of the conflicts in Iraq and Afghanistan. Beginning in 2004, deficits began going down, ending with a deficit of 161 billion in FY2006 with a republican house. Democrats took control of the house in Jan. 2007 and the very first deficit in FY2007 was 485 billion. Since republicans regained control of the house in Jan.2011, annual deficits have been coming down, which Obama has been trying to take credit for. 

Again, you are hopefully aware that no president can spend a penny until it is first appropriated by the congress, specifically by the house and agreed to by the senate.