For decades, the Republican Party has been the party of borrow and spend. The last Republican president who was a fiscal conservative was Dwight D. Eisenhower. For decades, we have watched the same show: Ronald Reagan campaigned on balancing the budget and then ran up the greatest deficit in history. Bill Clinton eliminated the Reagan deficit and balanced the budget, only to see George W. Bush send it to new record levels. Barack Obama, who cut the deficit he inherited from Mr. Bush by more than half, was blocked by the Republicans from fully repealing the Bush tax cuts to the wealthy, which would have cut it ever further.