The only problem Obama's had is a congress that wouldn't work with him and some hiccups when dealing with the future. I think he has plans to cut the debt but it was never really in the cards for his first term unless he had full support from Congress. So he's a bit of a liar for misleading the public into thinking he was gonna heal all what ails us in the first term.
Besides the obvious culprits outside the government the biggest blame goes back to Congress to me. The Dems could have gotten some kind of debt-reduction plan going along with the Stimulus. And when the Repubs had control they could of been more helpful with Obama to get things moving but that was never going to happen as we all know.
Someone correct me if I'm wrong though but I just see an incompetent Congress at the forefront of this.