How can we respect a president who says racism is why we're protesting rising debt and out-of-control spending?

Because those claims are true. Republicans are adopting irrational positions on debt and the economy, all for the sake of opposing Obama. They've abandoned patriotism and love for country for the sake of spiting Obama. You'd have to be a fool not to believe racist anger is fueling at least some of the most radical of Republican supporters. In purely political terms, the Republican position is idiotic and suicidal.