Fiscal conservatism is a political-economic philosophy that advocates low taxes, reduced government spending, and minimal government debt. Key conservative views are free trade, deregulation, lower taxes, and privatization, effectively continuing the economic traditions of classical liberalism. In the United States, the Southern Democrats, the US Republican Party, and the US Libertarian Party support fiscal conservatism, but the Libertarians support social liberalism, while the Southern Democrats and Republicans support social conservatism.