Fiscal conservatism is an economic philosophy that emphasizes reducing government spending, lowering taxes, and maintaining balanced budgets. Advocates believe that a limited government role in the economy promotes individual freedom and encourages private sector growth. They argue that excessive government debt can lead to economic instability and burden future generations. Fiscal conservatives often support policies that prioritize efficiency and accountability in government programs. They may advocate for cuts to social welfare programs and oppose large-scale government interventions in the economy. This approach is often associated with political figures like Ronald Reagan and movements such as the Tea Party.