Obama used Bush's deficit as a baseline after more than doubling it and blaming that on Bush too.
A problem with the talking point of Bush as the Great De-regulator is that he did not deregulate (alas). He actually increased the amount of red tape (to his discredit).
Another problem with that line of attack the Obama campaign has used is he decries the Reagan economic record which boasts one of the most robust and sustained periods of economic expansion in the history of the nation. He does this while he doubles down on the epic failure of the Keynesian model which has a 0% success rate over the span of modern history.