That's a whole bunch to chew on and give a respectful, detailed response to, so I'll kick off with the frivolous (but hopefully relevant):

Fiscal conservatism means, in the simplest terms, not spending money like a drunken sailor...
...Our nation is experiencing a huge federal deficit.
Our nation is trillions of dollars in debt already...
I've not ever been a drunken sailor, but I have been a drunken soldier. And when I was a drunken soldier, the thing is: when my pockets were finally empty, I STOPPED BUYING BOOZE. I returned to barracks, slept it off, and went about earning more money so I could be a drunken soldier again. Perhaps there's a lesson there.