@Robert Gentel,
I don't think the last fiscal conservative was a person. It was a constellation called "gridlock" -- specifically, the gridlock between the Clinton administration and the Gingrich Congress. Balance in the budget emerged as the unwanted side effect of both sides of the gridlock pursuing their selfish interests.
I don't think the Clinton administration really wanted to restore fiscal sanity to the federal budget. But it was their second-best option, their best option being expanded government investment in projects like high speed rail, adult education, and the like. This option was thwarted by the Republican Congress.
Republican members of Congress, in turn, didn't prefer fiscal sanity either. For them, it was the second best option after tax cuts for the top of the income distribution. This option, the Clinton administration didn't go along with. So both sides settled on everyone's second best, which was fiscal sanity.
I hope the 2008 elections will restore a well-calibrated gridlock of the US government.