As I have said repeatedly in debates with my right wing friends over the last two years, Republicans have no credibility on Fiscal Responsibility. They have no credibility in the past and they clearly intend to go on having no credibility in the future. See these videos of me discussing the Tea Party in April of 2009 and November 1, 2010 where I make this and other points.
That isn't all, the Republicans have had two years on the sidelines to plan for what they would do if they got the likely chance to return to power in one or both houses of congress and with all of that time, they have no detailed proposals for what to do about the economy. They cannot articulate a single item in the budget to cut, not a single one. They squirm, spin and run from the question everytime they are asked. See these videos for prominent GOP members of congress asked about what they intend to cut:
Now, we have already heard that cuts of defense are off the table as far as Republicans are concerned. Before the election, the common theme you heard was that everything was on the table including defense because our budget was so out of control. After the election, we are hearing that defense cuts are verboten, so, what large items does that leave in the budget to cut? It leaves things like Medicare and Social Security. If Republicans are going to try to cut something, and I am not convinced that they are, they are going to try to cut Medicare and Social Security.
As much as I would like to see the Republicans commit political suicide by proposing broad cuts in Social Security and Medicare that would then be shot down in the Senate and White House, I don't really believe they are going to do that. Instead, Republicans are going to prove that they are the same old Republicans that existed before the modern incarnation of the Tea Party started making noise. They are going to propose tax cuts and then they will fail to followthrough with any kind of spending cuts to pay for those tax cuts further ballooning the deficit.
No one should be surprised, this is who the Republicans are, this is the Republicans' nature. We've all heard the parable of the scorpion and the frog. The scorpion asks the frog to swim across the river and carry the scorpion on its back. The frog replies that he is afraid the scorpion will sting him to which the scorpion promises he will not and asserts that it would be dumb to do since it would drown them both. Sure enough, the frog relents and half way across the river the scorpion stings the frog and on their way to sinking beneath the waves, the frog asks the scorpion why he did it and the scorpion says "It's my nature".