Not when it comes to the economy.. well im sure people will argue with me on this point, however history has shown (several times), that while you are in a recession theres is a need to up spending to boost the economy (liberal).
A conservative approach would be to cut back spending thus not run a deficit, however you would most likely end up in a situation of rapid inflation and unemployment.
By the way, this is why balanced budgets are a horrible idea, because you don't spend as much money when it is most needed. Obviously you don't want to spend insane amounts of cash, however the aim should be to run a balanced spending budget over the course of a 'business cycle', (a period which encompasses a fall in the economy as well as a rise and then returning to its original starting position).
Geez, now I keep thinking back to my macroeconomics class.. making me ramble on. To get back on subject, yes I believe its important to have similar values which typically translates to political allegiance, however it doesn't need to be identical. Right or left leaning though, I am a firm believer that it is important to vote, even if you just spoil it.