This is not an austerity policy. An austerity policy would both increase taxes and decrease spending. This is wealth distribution to the rich. During the last 30 years, the two presidents who left office by raising the most debt were Reagan and Bush II. Bush I actually reduced the deficit by using true austerity policies lowering spending and raising taxes. Mind you, his decision to raise taxes made him a persona non grata for conservatives. The GOP doesn't care about debt or deficits. They care about giving their donors tax cuts, at the expense of the Middle Class. If they gave an actual shit about wasteful spending they would start with the Pentagon.