I heard it on the radio this morning and just read about it over at Andrew Sullivan's blog. To paraphrase: Between Washington and Reagan, we accumulated $1 Trillion in debt. Between Reagan and Bush II, that number has increased to $9 Trillion.
Sullivan (rightly) beats President Bush over the head with this, but Congress is equally culpable. Since President Bush took office, the debt limit has been raised five times, and each of those five times, Congress sent a bill to the President so he can sign it.
A little fiscal responsibility would be nice, although I'm sure it's wishful thinking (oh and the variety that doesn't purport to raise taxes under the guise of being responsible).