Didn't Bush sign the bailout bill (didn't he beg for it)? Didn't he also sign the bill that allowed for the continuing resolution? If not then he's failed in his oath of office. The Constitution states "No money shall be drawn from the Treasury but by consequence of Appropriations made by Law." I don't recall any vetoes being overridden so all this spending is being done with his consent.
And if you had follow the link I provided you would see that the deficit for Oct & Nov was $401 billion.
CBO is estimating December at another $83 billion - which would bring the total to $484 billion for the first three months. And he does even take office until 3 weeks into January. Trying to pin all this debt on him is absurd.
Obama has a choice, balance the budget or keep spending. Regardless what the deficit is at the end of Bush's watch it is Obama who plans on quadrupling it.