Some critics charge that the new policies pursued by President Obama and the 111th Congress generated the huge federal budget deficits that the nation now faces. In fact, the tax cuts enacted under President George W. Bush, the wars in Afghanistan and Iraq, and the economic downturn together explain virtually the entire deficit over the next ten years
As Ezra Klein notes, Congressional Republicans want to use the huge deficits to browbeat the Democrats into...what, exactly? More tax cuts? Bigger deficits? Electoral defeat, yes, but there doesn't seem to be any realistic plan coming out of the minority to budget responsibly. In fact, short term frugality (through near-term spending cuts) will lead to a crippled recovery, and therefore a larger deficit in absolute terms along with a smaller economy for the coming decade.
That's not fiscal conservatism. That's holding your breath to try to get your way.