The truth of that matter is that for at least twenty years, and really more like thirty-five years, the Democrats are the party of fiscal responsibility and the Republicans are the party of deficits. That's complicated a bit because Democrats also are the party of Keynesian economics, and therefore do believe in running deficits during recessions -- but that's not incompatible with fiscal responsibility. It's especially true at the presidential level; Carter, Clinton, and Obama were all fiscal conservatives, while Reagan and George W. Bush were obviously not.
Republicans talk the talk, Democrats walk the walk:
"But it seems clear to me that the path to deficit reduction for those who do care about it is Democratic control, rather than hoping for a grand bargain that in effect asks pro-deficit Republicans to surrender to anti-deficit Democrats. "
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