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Fiscal conservatism is a political term used in North America to describe a fiscal policy that advocates a reduction in overall government spending. Fiscal conservatives often consider deficit and national debt reduction as well as balancing the federal budget of paramount importance. Free trade, deregulation of the economy, lower taxes, and other neoliberal policies are also often affiliated with fiscal conservatism.
Early United States
The Democratic-Republican Party of Thomas Jefferson supported a weak central government and a more laissez-faire approach than that of Hamiltons rival party, the Federalists. They opposed Hamiltons plan to pay off the debts owed by the states for the expense of the American Revolution, because some of the debt was held by financiers and speculators (rather than the original holders) and because most of the debt was held by northern states. Hamilton passed his legislation and set up taxes to pay the debts (in exchange, he agreed to let Jefferson move the nations capital to Washington, D.C.). Jefferson in particular strongly opposed having any national debt, although he relented in 1803 for the sake of the Louisiana Purchase.
James Madison and James Monroe were elected by the Democratic-Republican Party, but after the fiscal disasters of the War of 1812, they came to support most of the Federalist position, deciding the nation needed a central bank and a steady income flow from tariffs.
Mid-to-late 1800s
In the mid-1800s, a new fiscal conservative political party emerged, the Republican Party. Unlike the modern fiscal conservatives, these fiscal conservatives were paleoconservative supporters of protectionism and tariffs, similar in some ways to todays Reform Party.
They were also generally supporters of big business and (internally) laissez-faire economics, although by 1890 they had been convinced into supporting Sherman Anti-Trust Act and the Interstate Commerce Commission following massive compl read more at » http://en.wikipedia.org/wiki/Fiscal+conservatism
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