EDIT: This is in response to Grey's graph post.

1) He said he is fiscally Republican. He never mentioned that he subscribed to Bush's fiscal policies.

2) As a percentage of the gross domestic product (GDP), within the context of the national economy as a whole, the highest deficit was run during fiscal year 1943 at over 30% of GDP, whereas deficits during the 1980s reached 5-6% of GDP and the present projected deficit for 2005 is 2.9% of GDP, close to the post-World War II average. http://en.wikipedia.org/wiki/Deficit

3) Avoiding the deficit would have been nearly impossible for Bush. The economy retracted immediately when he entered office which made tax revenue drop.