When I was growing up, and Barry Goldwater was my senator, I learned that one thing conservatives were concerned about was budget deficits. They have returned to the charge in response to Obama's budget deficits. However, this is an article written in Business Week in 2004 chronicling the disappearance of deficit hawks from the Republican Party in the Bush years.
In the words of an old Donovan song from when I was a teenager, "First there is a mountain, then there is no mountain, then there is."
Or, as John Kerry put it, "I was for it before I was against it."