As the chart shows (based on CBO figures), the deficit has ballooned for two main reasons: the wars in Iraq and Afghanistan and the Bush tax cuts. The economic downturn is also a major contributor. The stimulus money and Fanny and Freddy as projected into the future contribute a tiny sliver. Good luck getting teabaggers to look at the chart or understand how to interpret it if they take off their blinders long enough to take a look.
http://www.bradblog.com/?p=8076BTW, the stimulus did add a good bit when it came, but since we haven't had another one recently it no longer is projected to add much to the deficit. But personally speaking, this is one kind of deficit we not only can afford; it's one we have to have if we're to recover from the near depression that W left the US with. And as it kicks in, the economic downturn will contribute less, so it's a kind of neutral form of deficit creation.