PolitFact did some fact-checking and had this to say:
In summary, Hensarling's numbers only work if you cherry-pick the highest month under full Democratic control and compare it to one of the lowest years under full Republican control. If you compare average months (about $112 billion a month for Obama and the Democratic Congress) to average years under Bush (about $412 billion a year if you include his full 8-year term, or about $260 billion a year if you only include the first six years with a Republican Congress), Hensarling's numbers are wrong. There are so many bookkeeping tricks in this one that he's far from the truth. We his claim False."He's far from the truth," is their conclusion. That's just a nice way of saying he's a complete liar.
Republicans, though, think the exchange was a complete success. So much a success that they are trying to raise money off of it. This is partly because the people who donate to the GOP didn't watch the whole thing. Fox News cut and ran when they realized facts and reality were scorching their network. In their Republican Fantasy World, the Repubs really put it to Obama. They really showed him who's boss. Fox News will keep them sheltered like children. It's really gotta suck to be a Republican.