Even though the Bush administration spent far more money than I was comfortable with prior to the bailout (which I opposed), the deficit back then was still considered to be a manageable one.
A majority of American economists, including those at the CBO, believe that a budget deficit that's less than 4% of the GDP, doesn't pose an economic threat to the economy.
Although I didn't agree with the amount of government spending Bush engaged in, it never threatened our economy. Even at it's highest point, Bush's budget deficit never even came close to hitting 3% of the GDP. Since it never threatened the overall economy, there was no reason for me, or anyone else to sound the alarm.
The last projections I saw, predicted that our budget deficit for the next several years will far exceed 4% of the GDP... and that doesn't take into account the proposed health care legislation, Cap & Trade, the democrats proposed 3'rd stimulus package.