In times of fiscal austerity, how much difference do you think it makes whether liberals or conservatives are at the reins?

I am thinking of the impact that the Tories will have on England , and also of my own state of New Jersey where Chris Christie, a Republican, is now Governor. Both entities are in dire financial straits. Do liberals and conservatives have fundamentally different approaches to financial austerity or is the answer in all cases just slashing spending? (I am being slightly disingenuous here to provoke discussion.)