It is a complete myth that conservatives are somehow more financially responsible. They like to spend other people’s money, just on different things.
Just look at California’s budget. During last 5 years, spending on corrections increased 36%, while pretty much everything else was reduced by double digits. That’s what happens when you pass laws that imprison everyone that doesn’t fit in your view of perfect society.
Same thing with federal budget. As much of credit as Obama gets for the budget deficit, Medicare prescription coverage (elderly vote overwhelmingly Republican) and more than doubling of defense spending contributed to the majority of spending increases in the last decade.