Fiscal conservatism is a politicoeconomic philosophy with regard to fiscal policy and the advocating of fiscal responsibility. Fiscal conservatives advocate the avoidance of deficit spending, the reduction of overall government spending and national debt, and ensuring balanced budgets. Fiscal conservatives would also support pay-as-you-go financial policies. Free trade, deregulation of the economy, lower taxes, and privatization are also often, but not always, associated with fiscal conservatism. Fiscal conservatism follows the same philosophical outlook of classical liberalism and economic liberalism regarding fiscal matters.