The Republican Party embraces the ideology of conservatism.
Fiscal conservatism is a political-economic philosophy regarding fiscal policy and fiscal responsibility advocating low taxes , reduced government spending and minimal government debt . Republican Party (United States) . The Republican Party 's current ideology is American conservatism , which contrasts with the Democrats ' more progressive platform ( also called modern liberalism ) . Further , its platform involves support for free market capitalism , free enterprise , fiscal conservatism , a strong national defense , deregulation , and restrictions on labor unions .