So what does it mean to be 'Fiscally Conservative'?

We actually don't know what it means because there is no one who is.

 

There is no such thing as true 'fiscally conservative ' because you still have to get elected. The majority that gets elected tend to offer more 'benefits ' to more people.

 

This. The most important aspect of being fiscally conservative is not running on deficits. Ideally it would involve lower government spending and lower taxes, but that is difficult to do.

We've reached the point where we need spending cuts, and tax increases combined to operate responsibly. Traditionally, two things that are ultimately unpopular (everyone likes spending cuts in general, but not when it effects them).

 

Basically it's code - If you say you're willing to cut social security and medicare, you'll be labeled as fiscally conservative by beltway types no matter what other stuff you want to spend money on (tax cuts, defense etc).