Well then, I think it is time to change their basic meaning. And what is the basic meaning of liberalism anyway? Where does it say that liberalism means running huge deficits? That is more conservative propaganda.
A more realistic definition of the word ‘conservative’ would be “borrow and spend, lavish tax cuts and above all, never increase taxes, unlimited borrowing is OK”. A more realistic definition of a liberal (and I consider myself a liberal, not necessarily a Liberal) would be, “do whatever is needed to fix the economy, fix the deficit. If necessary, raise taxes (yes, even on the rich), if necessary cut spending.”
A conservative conserves; a liberal liberates.