The national us-debt has reached $15 trillion today!?
That is one of the consequences of an economy only growing at 1.5%-2.5% GDP and 9% unemployment.
Spending is only half of the equation in a budget deficit. Even if spending remained at the same level, or was reduced, if revenues produced are reduced at a greater rate, it would still result in Treasury needing to issue enough debt, to cover the deficit.
Why do Republicans suddenly think the economy is great?
Who exactly are you talking about? The only republican that isn't an idiot is Ron Paul and he has a plan to cut 1 trillion $ in spending in his first year in office and wants to phase out the federal reserve.