He won't be seen as the one who made it happen, nor should he be, but he will be regarded as one of many leaders who saw what the middle east could become.
It's too soon to say that. Many people in Lebanon and Iran are already giving him credit for making it happen.
If the budget deficit cripples the government for the forseable future, it won't matter what happened in the middle east.
If you look at the deficit in terms of actual dollars it does appear quite forboding. However, as a percentage of GDP, the defict is very manageable, certainly more so than it was during WWII, Korea, or Vietnam.