The Conservative ViewEdit
Conservatives view fiscal responsibility as Fiscal Conservatism, and opposition to Keynesian Economics. Conservatives view deficit spending as irresponsible, rather than trying to lessen the blows of recession and trying to continue running social programs. So, according to Conservatives, if the masses are poor, sick, undereducated, and otherwise living marginal lives, but the government does not practice deficit spending and allows the wealthy elite to remain well-off, it is "being fiscally responsible". Contrary to their supposed fiscal responsibility, Conservatives also support an absurdly bloated military. They also want lower taxes, which will make it difficult to pay off debt.
The Liberal ViewEdit
Liberals view fiscal responsibility as trying to have the average citizen be as financially well-off as possible. This includes providing stronger social programs, such as Universal Health Care, adequate funding for schools, enacting minimum wage laws, providing adequate social security, and regulation of business and products. Liberals also support reducing funding to our overbloated military and imposing higher taxes on the rich, in order to fund social programs and to alleviate income disparity. When Clinton was president, there was a government surplus. The national debt was shrinking. George W. Bush, a conservative Republican, led us to an economic downturn.