Mark, if the Republicans take control of Congress, the Estate tax will be totally eliminated and the other GBW tax cuts will be reinstated - at least for 10 years minus one day - so deficits are not likely to decrease, even if government programs are cut.
Let's not forget that Dubya and the Republicans put the cost of the Iraq and Afghanistan 'wars' off-budget.

I'm not thrilled with the DLC Democrats and Obama's administration has left much to be desired. And the Democrats have not been able to change a lot of laws and policies much, partly because of lack of Republican cooperation and partly because too many Democrats are indebted to the big corporations too.   But if you and GfS think there's no real difference between today's Republicans and Democrats, you're either blind or deluded.   

There are major differences in the way the Constitution is interpreted by most judges appointed by Democrats and those appointed by GWB (and even GHWB).    There are notable differences in orientation toward exploitation of our natural resources and lands - even if the differences are smaller than I'd like.    The Republicans want to "privatize" Social Security, our entire school system, prison system, etc., and keep health care insurance in the hands of for-profit corporations, even if that means millions of people have no coverage.   
On many issues, the differences between the Obama administration and that of GWB, Reagan, and GHWB are more of degree than of kind, but there's still a big difference.
And the federal courts, including the Supreme Court, are probably the most consequential area of difference.   And those appointments have a much longer-lived influence than any Congressional legislation does.