True. This is not a Republican issue. Hell, they were worse than the Dems when it came to spending. It cost the Republicans, big time. However, there is a strong undercurrent of anger at higher taxes and unsustainable spending, even though it may be misdirected at the new administration.
My guess is one of two things happens...
1- Force the Dem Congress and Obama to restrain spending, like Clinton did after Ross Perot's strong run in the popular vote in 1992.
2- This issue will be the ones Republicans seize upon to regain some power in the midterms. If they are smart, they will hammer the Dems on taxes and spending at every turn. They will need to apologize for past transgressions in their own taxes and spending ways, but a "Return to Party's Roots" theme with respect to limited government would work well for them.
Either way, its good for those of us who actually believe in limited government and low taxes.