For Republicans, austerity has long been part of their cynical political gamesmanship. During Barack Obama’s presidency, a stimulus package that was intentionally downsized to minimize criticism from deficit hawks was declared tyrannical and became the supposed raison d’être of the Tea Party movement. But, of course, the Trump administration’s profligate spending created no similar concerns.

We can now expect that at noon on January 20, 2021, Republicans will suddenly rediscover their disdain for deficit spending.

However, we can also expect some conservative Democrats to take up that same mantle — demanding fiscal responsibility and the return of austerity politics. In service to their cause, they will insist on the continued implementation of a rule in the House of Representatives known as PAYGO, which requires legislation to be funded by either tax increases or spending cuts.