Democrats tend to get railed for it even though Republican presidents raise the debt more. It gives the impression that only Democrats are trying to fix it and Republicans give it more lip service but often make it worse.

It is "the party the President is in", typically. Today that happens to be "R" but the President has taken the brunt of the blame for good or bad economies for a long time now, regardless of how correct that blame assignment may be.

I expect various emergency measures to try to keep things afloat until the election. By "afloat" I mean, specifically keep the numbers everyone is looking at looking "good", mostly, the stock market indices, the various US Treasury rates, and the US Dollar Index. After that, who knows. And the fact that I expect them to try doesn't guarantee they will succeed. There's plenty of motivation for forces who want them to fail at that task to take measures to strike while the iron is hot.