Conservatives, what do mean when you say "Liberal"?

I suppose that different Conservatives use the adjective "liberal" in different ways. However, individually, do you use it as a synonym for "Democrat" (regardless of whether the Democrat is a liberal as Dennis Kucinich or as convervative as Jim Webb), or do you use it in the clic sense as an antonym for "conservative" (i.e., in reference to both liberal Republicans and liberal Democrats)?