You are right. Conservatives make a big, big mistake thinking this insane spending binge is an Obama issue. He is, as you say, only getting us there quicker. We had a Republican President and a Republican Congress in the first half of the last decade and they spent like drunken sailors. Bush pretended to care about fiscal discipline for a while and then after he got re-elected, stopped even pretending that he cared. Remember that “Political Genius” Rove was telling anyone who would listen in the early 2000s that spending restraint and limited government were political losers for the Republicans.
The bottom line is that both parties are addicted to spending. Sadly, I think a true crisis is going to be necessary to stop the insanity. Kinda like a heroin addict needs to truly hit bottom before they have a chance for recovery.