The good news, however, is the rebirth of fiscal conservatism on the right. My advice to Republicans: your message against Obama will be stronger if you have the intellectual honesty to indict Bush and Cheney.
This isn't a sudden Republican epiphany. The only reason they're acting like fiscal hawks is because they're reacting against the president's recovery plan. It's not for some newly found principle. The fact is, the Republicans don't have any credibility on spending and President Obama is successfully outflanking them by pushing a deficit reduction policy on the heels of the recovery bill.
And it's practically impossible for the Republicans to be intellectually honest about indicting the Bush-Cheney spending because, taken as individual policies, they supported all of it and, in most cases, they still do.
While they can claim that Bush wasn't a "fiscal conservative," they supported Homeland Security, they supported invading and endlessly occupying Iraq, they supported Bush's $1.2 trillion tax cut for, much of it targeted to the wealthiest one percent. In order to be against the Bush spending, they'd have to admit that all of these programs were fiscally irresponsible.
(Edit: Clarified the tax cut line.)