I don't think Feeb is 'blaming' Bush, per se. I think he's pointing out that the spending and the deficit are not the issue. If they were an issue, your average Republican would have said so already while Bush was driving them up.You can still blame Bush though.
I think he's saying that if Obama were a Republican, nobody would be complaining. Bush already pushed the envelope past the point that our grandchildren could ever pay it back - Obama is our reward for not complaining then. If you don't complain, everyone thinks it's okay.
To sum up what I think he might be saying, Obama is a Democrat. So people complain. The complaints about Obama are, for the most part, proof that party trumps principles for most Republican voters. When President McCain had hit the trillion dollar deficit mark and someone like Feeb complained, there would be no shortage of party loyal Republicans to say "well at least the terrorists haven't attacked again!"
See?Bush also kept us safe for 7 1/2 years.
But hey, that's just how I'm reading it - maybe he is blaming Bush. :P