According to CBS News:

“The National Debt has now increased more during President Obama’s three years and two months in office than it did during 8 years of the George W. Bush presidency.”

“Mr. Obama has been quick to blame his predecessor for the soaring Debt, saying Mr. Bush paid for two wars and a Medicare prescription drug program with borrowed funds.”

The cost of both wars from their beginning to the current date has been approximately $1.3 trillion, including the costs on Obama’s watch. Coincidentally, this is almost equal to the deficit for 2012 alone ($1.2 trillion).

Total Medicare Part D payments to date (since 2004) have come to about $411 billion (page 139 in this report), an average of about $46 billion a year so far. These costs will go up in future years, and by 2020 the total cost since inception is estimated at $1.344 trillion, or an average of $79 billion a year over that time.

So add the cost to date of the wars and Medicare Part D, and you get a bit over $1.7 trillion. Obama’s going to have to find a few more things to blame to pad that up to $4.9 trillion. And his first term isn’t even done yet.