BUSH VS OBAMA: Some people might say that the GOP is simply exercising conservatism; I think hypocrisy would be a better term. Have a look at this chart.
SPENDING CUTS: Atrios doesn't think Republicans actually care for them. "I think the largely unacknowledged bit of all of this nonsense is that
most Republicans in Congress don't really want to cut spending, or more
specifically they don't want to own cutting spending. Their main
concern is tax cuts for rich people, spending is secondary, and the
deficit matters not at all to them. Sure they want to be seen as
wanting to cut spending, in the abstract, because that's their brand,
but they don't actually want to be responsible for the spending cuts.
Their position is: give us the cuts and don't make us vote for them."