Nope, this has just proven to me that it has always been about a veiled racism. They are only fiscally conservative when it comes to giving minorities any small amount help; otherwise, it is spend all the money you have (or don't have) and then blame the democrats when they are left to pick up the pieces.
It's a mix - a lot of justifications for fiscal conservatism are based on the idea that the government is taking money from deserving parties who earned it and giving it to undeserving ones who didn't. That can very easily overlap with stereotypes about some races being lazier or more immoral than others, but it works with other groups too.
The whole "fiscal conservative when out of power, blow up deficits from both ends while in it" shtick is more of a political long game kind of thing. Republicans are right now creating the deficits that they will run against when Democrats are back in power. Just like the deficits from W's wars, tax cuts and programs, which exploded after the economy crashed, were used to fuel the rise of the Tea Party and wipe out the anti-W wave of 06 and Obama wave of 08. It's not a complicated playbook; it doesn't need to be as long as voters keep falling for it.