It's not like we will / can do anything under any administration short of starting WW3.
They are doing the same thing we are doing, flying simulated combat missions in international air space, this is just going back to Cold War. If McCain was President he would perhaps be talking much more about it but it would be all talk and hot air. The real response would not be publicly known. Anyway, for all intents and purposes, this is just posturing by Russians. We moved NATO closer to their borders, they bit off a chunk of Ukraine, we sent a destroyer to Black Sea, they sent bombers on a simulated combat mission. It's a restart of Cold War.
What is interesting though is the sudden fall in oil prices which is a much more dangerous development for Russia than if all of their long range bombers just blew up all of a sudden. A $70 per barrel oil market that lasts for a couple years would put severe strain on their economy, given that's their primary source of income.