How much more? Your contention can only be rationally held by someone who has adjusted for inflation. Point stands.
Forgetting Clinton's surplus spike, did the value of a dollar go down by that much between GHW Bush and current Bush? According to the BLS calculator, GHW's $280B is worth about $377B today, still over $100B shy of current Bush's mark.
So, no, inflation doesn't excuse Bush's wild spending habits. Point dies.