That's basically my position. However, having a degree in business administration with the equivalent of a minor in economics, I believe that there are times when running a deficit is a necessary evil. Unfortunately, George II pushed through tax cuts at a time when we were engaged in two wars, thereby pushing deficits to (then) record levels, and now it requires even more risky deficit spending to reverse the financial melt-down.
It would be unfair to blame the melt-down on any one party or administration; there is plenty of guilt to go around. But, some problems could have been avoided.
Here in New Mexico, the state, when there was a budget surplus, spent more than necessary and gave money back to tax payers. It should have kept better control over spending and INVESTED the surplus to provide funds for hard times. Because it did not, there are now serious problems which are exacerbated by corruption.