Absolutely better, no matter who's president. I think a lot more gets done with Obama, frankly, but Romney is really a moderate a heart despite his BS claims in the primary, so I'd have some faith in him. In any case, there's already wide agreement that the tax code and Medicare need to be addressed in the next couple years, hopefully with both additional revenue and additional spending cuts. That'll do the deficit a lot of good and simplify the tax code. Great for businesses and consumers alike. Medicare age of eligibility should probably rise, maybe a year or two but nothing more. Already a bunch of good financial regs implemented and starting to get implemented with credit card standards and banking fees, as well as banks refunding their customers courtesy of CFPB ($85M from AMEX just recently in fact). Economy is undeniably on the upswing as well, and there'll be a ton more jobs as baby boomers continue to retire. That'll inevitably lead to another boom, also great for the deficit.
If anything, the weight of the current and near-term deficit (which'll reach near $20T in the next ~3-4 yrs no matter who's POTUS), will put immense pressure on reducing that deficit and incentivizing surpluses, which would be a great national trend. It's not out of reach at all, there was certainly nothing magical about it in 2000. Basically economic growth + higher taxes.