Interestingly, for whatever reason, it's the blue states that seem to be in the most dire economic trouble right now.

Is it because of the 'blue policies' that exist in those states?

The stimulus money is primarily being expended to those states. If it's because they need it the most, what does that say about the 'blue way' of running business? Michigan, for instance, is highly unionized and workers there have tended to have everything from Cadillac insurance policies to extremely generous retirement packages... something the free market driven by the rest of the nation ultimately couldn't support, financially.

Or is Obama choosing to prop up those states because they voted for him?

Of the 872 counties supported Obama during the election, each received about $69 in stimulus per person. Of the 2,234 counties that voted for John McCain, the average was $34.