Fiscal responsibility is a term republicans pull out for campaign ads every election cycle. The G.O.P. claims to be fiscally responsible while claiming their Democratic opponents are not.
Obviously, the Republican Party has no idea what being "fiscally responsible" actually means! A budget should include adequete revenue (i.e. taxes) to cover all the obligations. Republicans think the only way to balance a budget is to cut taxes. Democrats, like Bill Clinton, know that cutting expenses AND increasing revenue is the only way to balance a budget. Democrats' tax and spend idea is a lot more logical than the Republicans' borrow and spend policy!
Remember that about 75% of our national debt was caused by the last 3 Republican presidents! (Reagan, Bush41 and Bush43) The last two times the national budget was balanced a Democrat was president!! (Lyndon Johnson 1969 and Bill Clinton 2000)
The tea party claims to be concerned about fiscal responsibility, however they didn't seem concerned about it when George W Bush was cutting taxes and running up huge debts while trying to fight two insane and inappropriate wars!