While I don't agree with Obama's deficit spending (at least not for a decade), he didn't star the current economic crisis. The current economic crisis really did start with congress abanding a law that was put in place after the 1929 stock market crash (forgot the name of the Act, so sorry for butchering my explaination). This resulted in the issueing of trillions upon trillions of dollars of investment insurance called derivatives (once again, I admit I'm butchering my explanation here). And somewhere in this flood of credit was also the flood of credit to the housing industry. Which, today, is still the lynch pin of our current economic slowdown. That is, until all the forclosed homes are finally processed (and we will take a few more years of this), credit will not flow as easily as it once did until then.
In the end, it was congress, that repealed this act in the late 1990's, that provided stimulus for the economy with a tremendous amount of capital (based on credit) which resulted in the crisis of 2008, and we are still paying for today.