There is a lot of truth in this. President Clinton left Bush with a budget surplus. Bush almost immediately got this nation into two expensive and totally unnecessary wars (and lied to do it). But instead of paying for those wars with a small tax increase, Bush lowered taxes -- especially for the richest Americans. That turned the budget surplus into a huge budget deficit, which Bush then passed on to President Obama -- along with a huge recession caused by his other economic policies (the so-called "trickle-down" theory of economics).
The really sad part is that all of this could have been avoided. But that would have required the Republicans to have a modicum of knowledge about economics -- which they have repeatedly shown they do not have.